Technical Analysis

Bharti Infratel (₹296.6): Buy

Yoganand D BL Research Bureau | Updated on January 29, 2019 Published on January 29, 2019

Investors with a short-term view can buy the stock of Bharti Infratel at current levels. The stock took support in the band between ₹240 and ₹250 during early October and December 2018. Subsequently, the stock changed direction triggered by positive divergence in the daily moving average convergence divergence and weekly relative strength index. Since early December 2018, the stock has been in a short-term uptrend.

After a corrective dip, the stock found support at ₹261 recently and reversed higher . On Tuesday, the stock gained 3.6 per cent accompanied by an above average volume breaching a key resistance and 200-day moving average line at ₹286.

Both the daily and weekly relative strength indices have entered the bullish zone from the neutral region implying bullish momentum. Likewise, the daily and weekly price rate of change indicators feature in the positive terrain indicating buying interest. The stock could face a minor resistance at ₹300. But, with the current bullish momentum, it can break above this resistance and reach the price targets of ₹309 and ₹315 in the short term. Traders can buy with a stop-loss at ₹290 levels.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Read the rest of this article by Signing up for Portfolio.It's completely free!

What You'll Get





This article is closed for comments.
Please Email the Editor