NEW DELHI: Shares of Bharti Airtel plunged as much as 2.13 per cent to Rs 340 in the afternoon trade on Tuesday to hit their lowest since May 10, 2017.
The stock broke below a support at Rs 346.55, the 61.8 per cent Fibonacci projection level of the swing from the April 25 high to the May 22, according to Reuters.
It's long-term wave pattern suggests it is in the fourth corrective wave of a five-wave expanding diagonal.
The current corrective wave 4 may lead to a price fall up to the lower trend line connecting waves E and 2, the trough may roughly coincide with the support at Rs 321.36, the 86.4 per cent retracement level of wave 3.
Trend intensity (TI) indicator has risen to 17, suggesting stock is in early stages of a downtrend, whereas momentum indicator Moving Average Convergence Divergence (MACD) is also negative and below its signal line.
Graph: Bharti Airtel MACD
Shares of the telecom major have plunged over 34 per cent this year as of Monday's close, while the broader NSE index is up 3.86 per cent in the same period.