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Infosys (₹2,216.4)
The stock of Infosys slipped 1.6 per cent last week and now tests a key support at ₹2,200 levels. The stock’s short-term uptrend is weakening and the near-term outlook looks bearish. The indicators in the daily chart are trending down, implying weakness. Moreover, the weekly relative strength index is displaying negative divergence, indicating trend reversal. An emphatic breakthrough of the current support level will strengthen the bearish momentum and pull the stock down to ₹2,100. Further fall below this level will mar the stock’s short-term uptrend and pull it down to ₹2,000 and ₹1,900. Investors with medium-term perspective can stay invested with a stop-loss at ₹1,850. On the upside, the stock needs to conclusively break the significant resistance level of ₹2,300. The stock can then trend northwards to ₹2,400 and ₹2,500 in the medium term.
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