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The stock of Infosys plummeted 8 per cent to record an intra-week low ₹1,012 before recovering to close the week down by 4.3 per cent. Both the short and near-term trends are down for the stock. The medium-term uptrend is currently under threat. The stock trades well below its 50 and 200-day moving averages. The indicators in the daily chart are featuring in the bearish zone backing the downtrend. The indicators in the weekly chart have reversed down and started to show signs of bearishness. Therefore, traders should tread with caution as long as the stock trade above the immediate support level of ₹1,010. Strong fall below this level will be cue to initiate fresh short position with a fixed stop-loss. The stock can decline to ₹990 and ₹970 levels. Key resistances to note are at ₹1,075 and ₹1,100 levels.
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