Top buzzing stock: Bharti Airtel Ltd
![Top buzzing stock: Bharti Airtel Ltd Top buzzing stock: Bharti Airtel Ltd](https://storage.googleapis.com/5paisa-prod-storage/files/2022-05/image_5_11.jpg)
![resr resr](https://storage.googleapis.com/5paisa-prod-storage/files/2022-01/author.png)
Last Updated: 11th December 2022 - 09:39 pm
The stock of BHARTIARTL surged over 2% on Tuesday’s trading session and is one of the top gainers among Nifty stocks.
Bharti Airtel Limited is a telecommunications company that provides voice and data telecommunication services through wireless as well as fixed line network and broadband technology. Having a market capitalization of over Rs 4 lakh crore, it is one the strongest company in its sector.
The stock of BHARTIARTL surged over 2% on Tuesday’s trading session. It witnessed a correction of about 7% from its prior swing high of Rs 761 before testing the support of Rs 700 level. On the technical chart, the stock has formed a strong bullish candle with its open=low scenario. In the past two days, it has received strong buying interest at lower levels and has surged about 4%. During this period, above-average volumes were recorded which justified buying interest among the market participants. After today’s surge, the stock has crossed above 50-DMA and 100-DMA.
The technical parameters indicate an improvement in the stock’s strength in recent times. The 14-period daily RSI (45.94) is pointing northwards and indicates recovery. The MACD line and the signal line are converging, indicating a possibility of bullish momentum. Interestingly, the On Balance Volume (OBV) shows similar characteristics as that of RSI and points to rising strength from the volume’s perspective. Meanwhile, the KST and TSI indicators also show improvement in the stock’s price structure.
On a YTD basis, the stock has outperformed Nifty. The former has gained over 5% as against a negative 6% of the latter. Considering the bullish price structure and good volumes, followed by improving strength as indicated by technical parameters, we expect the stock to trade higher in the coming days. It has the potential to test the level of Rs 750 and above in short period. Moreover, it presents a good opportunity for swing trading. Traders can include this stock in their watchlist to track further development in the stock.
Trending on 5paisa
Discover more of what matters to you.
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.