Technical Analysis

Infosys tests a key support

Yoganand D | Updated on January 23, 2018 Published on April 19, 2015

19InfyCL.eps

Infosys (₹2,181.9)



The stock failed to conclusively close above the ₹2,250 levels last week and declined 2.3 per cent. Its 21- and 50-day moving averages also acted as hurdles. For more than a month, the stock has been on a sideways movement with negative bias. Currently, it tests a key support and the medium-term trend-line. A decisive fall below ₹2,150 will strengthen the bearish momentum and drag the stock down to ₹2,050 and then to ₹2,000 levels in the short term. Traders with a short-term view can initiate fresh short position on a fall below ₹2,150 with a stop-loss at ₹2,185. An emphatic fall below ₹2,050 will mar the short-term uptrend. Medium-term trend will remain up as long as the stock trades above ₹1,900. Investors can hold the stock with stop-loss at this level.



Published on April 19, 2015
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