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Shares of telecom tower operator Bharti Infratel today hit over 4-year low, and chart suggests more downside. The stock fell as much as 5.5 per cent to Rs 252.75, its lowest since August 27, 2014.
Bharti Airtel stock fell after testing a resistance at Rs 270.2, the 23.6 per cent Fibonacci projection level on the downtrend from October 17, 2017 high to June 21, 2018 low (wave A). This suggests that the stock may fall up to the next support at Rs 239.8, the 38.2 per cent projection level.
The stock is trading below its 200, 50 as well as 20-day exponential moving average, seen bearish for the stock. Trend Intensity indicator rose to 17, suggesting that the prices are trending downwards. MACD is also negative and below its signal line,
The stock had fallen 29.35 per cent this year, as of last close, while the broader NSE Index was up 4.54 per cent in the same period.
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