July 11, 2018 / 6:05 AM / 2 months ago

BUZZ-India's Bharti Infratel gains most in nearly 4 mths; chart suggests end of downtrend

** Telecom tower operator Bharti Infratel Ltd’s shares gain as much as 4.55 pct, their biggest intraday gain since March 20

** Stock breaks above a resistance at 305 rupees, the 14.6 pct retracement level of the downtrend from Oct. 17, 2017 high to June 21, 2018 low reut.rs/2NBuXIZ

** RSI cuts above the 60 level for the first time since Oct. 2017, seen favorable for the stock

** MACD also turns positive and is above its signal line

** Stock’s wave pattern suggests it has completed a five wave downtrend and is in wave ‘A’ of a three wave correction of the downtrend

** With some resistance near 323.7 rupees, the 23.6 pct retracement level, this corrective move may go up to 354 rupees, the level that acted as resistance since the mid of Jan up to April this year

** Stock down 25.6 pct in the last one year as of last close, while the broader NSE Index is up 12 pct in the same period (Reporting by Gaurav Dogra)

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