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Infosys (₹934.95)
Infosys tumbled over 4 per cent intraday on Tuesday. However, the stock bounced back immediately from the low of ₹905 and recovered most of its losses. The near-term view is still unclear for the stock. There is a possibility of a sideways move between the support at ₹900 and the 200-week moving average resistance at ₹964 for some time. A break-out on either side of this range will then decide the next leg of move for Infosys. As long as the stock remains below ₹964, the possibility of it revisiting the crucial ₹913-₹890 support zone cannot be ruled out. As reiterated over the last couple of weeks, the presence of the 50 per cent Fibonacci retracement support, psychological ₹900 level and a trendline at ₹890 make the ₹913-₹890 a strong support zone. A strong break below ₹890 is needed for fresh selling interest to emerge, in which case Infosys can tumble to ₹825 or ₹800. On the other hand, a strong break above ₹964 will ease the downside pressure and take the stock higher to ₹1,000 or ₹1,020.
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