• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Infosys recorded yet another 4 per cent loss last week. The weekly chart of the stock is ominous and the stock appears to be correcting the entire up-move recorded since April 2003. Infosys has already retraced 38 per cent of this move. The next long-term support for the stock lies at the 50 per cent retracement of the long-term move, at Rs 1,400.

The next target of the third wave from the February peak falls at Rs 1,446. The convergence of the two targets means that investors should watch out for a bounce around Rs 1,400. Until then, traders can continue to short on rallies.

More Stories on : Technical Analysis | Stock Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Balancing local, global forces

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line