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Shares of telecom tower operator Bharti Infratel Ltd fell as much as 1.83 per cent to Rs 305, their lowest since March 20, 2017.
The stock has broken below a support at Rs 309.9, the 86.4 per cent Fibonacci retracement level of the uptrend from February 28, 2017 low to October 17, 2017.
Technicals suggested that the stock may fall up to Rs 281.75, the 100 per cent retracement of the uptrend. Break below the lower bollinger band after a squeeze in the band in the last one week suggested that a new decline has started.
The stock's RSI (relative strength index) line has faced resistance between 50 to 60 level for the last six months, which is seen as bearish.
MACD is also negative and below its signal line. Bharti Infratel stock was down about 18 per cent this year as of Monday's close, while the broader NSE Index was up 1.5 per cent in the same period.
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