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Shares of Bharti Airtel today hit a 20-month low, and chart suggested more downside. The stock plunged as much as 4.64 per cent to Rs 322.85, its lowest since January 30, 2017.
The stock broke below a support at Rs 346.6, the 23.6 per cent Fibonacci projection level on the downtrend from December 27, 2017 high to July 18, 2018 low. This suggests that the stock may fall up to the next support at Rs 314.8, the 38.2 per cent projection level.
Trend Intensity indicator rose two points to 17, suggesting that the stock is in early stages of a new downtrend. MACD is negative and below its signal line. As of last close, Bharti Airtel shares had fallen 36.08 per cent this year, while the broader NSE index was up 3.8 per cent in the same period.
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