The stock of Bharti Infratel has been in a downtrend for quite some time and has corrected over 23 percent. Currently, the stock is getting support around the Rs 368 level and is also consolidating around that level. It is also the 61.8 percent level in Fibonacci scale and the stock is expected to resume its upside move. The Stochastic and CCI are showing an oversold condition of the stock. The stock has also formed a hammer and inverted hammer like candle at the bottom of the formation indicating a reversal of trend.
The first resistance for the stock is at Rs 382 level and next at Rs 435 level.