Shares of software services exporter Infosys on Wednesday fell as much as 2.99 per cent to ₹ 622.20, its lowest since June 22. The stock breached below its 200-day exponential moving average, which is a bearish sign.
The scrip has broken below the support at ₹ 629.5 also, the 38.2 per cent Fibonacci retracement level of the uptrend from August 22, 2017 low to October 1, 2018 high, suggests it may fall up to the next support at 590.75, the 50 per cent retracement level.
The Trend Intensity (TI) indicator rises to 16, suggesting a new downtrend has started. The MACD is negative and below its signal line.