We are interested in stocks that take out 2,3, 5, 10 years highs and not 2,3,5 month highs. Because stocks that are strong and in an uptrend are going to keep posting consistently higher highs.
Here one has to understand the psychology of the price action. Why would a stock like Bharti take out an 11 year old high posted back in 2008 now amidst all this general uncertainty? And Bharti is a heavily traded counter and its difficult to manipulate its prices. So obviously majority of market participants see a distinct set of positives for the company to take the stock price to all time highs. And all this while Bharti stock price has been making a base by consolidating between a broad range of 250-450 (plus or minus a few rupees) throughout these 11 years. So this kind of jump above the range and then posting all time highs has a definite meaning. But that does not mean we have to go out and buy tomorrow. Because we know a thing or two about fundamental analysis, we will don that hat and try to find out the triggers lined up. Most of them are apparent to us. (dont ask me which ones )