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Telecom tower operator Bharti Infratel Ltd's shares gained as much as 3.61 per cent to Rs 281.4 on Friday, the highest they have climbed since September 24.
The stock broke above resistance at Rs 277.35, the 14.6 per cent Fibonacci retracement level of the downtrend from the October 17, 2017 high to its October 4, 2018 low.
The breakout suggests the stock may move up to the next resistance at Rs 299, the 23.6 per cent retracement level, though some resistance is also expected at the 200-day exponential moving average (EMA).
The stock's 20-day EMA cuts above the 50-day EMA, which is a bullish sign.
Trend Intensity (TI) indicator has risen to 15, suggesting a new uptrend has started for the stock. MACD is positive and above its signal line.
The stock is up 6.1 per cent in the 30 days to Thursday's close, while the broader NSE Index fell 1.94 per cent.
At 11.34 am the stock was trading at Rs 279.25, up 3.03 per cent, on the BSE.
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