May 29, 2018 / 5:17 AM / 3 months ago

BUZZ-India's Bharti Infratel falls to over 1-yr low; technicals suggest more downside

** Shares of telecom tower operator Bharti Infratel Ltd fall as much as 1.83 pct to 305 rupees, their lowest since March 20, 2017

** Stock breaks below a support at 309.9 rupees, the 86.4 pct Fibonacci retracement level of the uptrend from Feb. 28, 2017 low to Oct. 17, 2017 high reut.rs/2L3y8He

** This suggests stock may fall up to 281.75 rupees, the 100 pct retracement of the uptrend

** Stock break’s below the lower bollinger band after a squeeze in the band in the last one week suggests a new decline has started

** Stock’s RSI line has faced resistance between 50 to 60 level for last six months, seen bearish for the stock

** MACD is also negative and below its signal line

** Stock is down about 18 pct this year as of Monday’s close while the broader NSE Index is up 1.5 pct in the same period

Reporting by Gaurav Dogra

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