Bharti Airtel surges over 3.5 per cent; heres why!

The stock with this robust move has witnessed the breakout of a horizontal trendline on the daily chart.

Bharti Airtel Limited is a telecommunications company that provides voice and data telecommunication services through wireless as well as fixed-line network & broadband technology.  

The stock of Bharti Airtel Limited opened with a gap-up of 0.4 per cent and closed with a gain of over 3.5 per cent on Monday. The stock made a day high of Rs 737 level and contributed as much as 12.8 points to Nifty's kitty. Interestingly, the stock with this robust move has witnessed the breakout of a horizontal trendline on the daily chart. Moreover, the breakout was witnessed with a sizeable bullish candle along with an above-average volume, which is greater than the 50-day average volumes.   

Talking about the broader view, the stock has also witnessed a breakout of the descending trendline on the daily chart with a sizeable bullish candle, indicating strong buying interest by the market participants.  

The MACD indicator is also in-line with the bullish sentiment as the MACD line is trading above its signal line and zero line. Moreover, the MACD histogram is rising steadily and is above its prior high. In addition to this, the 14-period RSI is rising and has crossed above its prior high. Moreover, it has moved above 60-mark and shows bullish momentum. The stock is trading above all its short-term (20-DMA) as well as long-term moving averages (100 and 200-DMA). This setup is indicating a clear uptrend in the picture of the stock.