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Infosys (₹948.8)
Infosys fell 2.7 per cent last week. Though the pace of descend was slow, the close below the 200-week moving average may keep the sentiment negative . Resistance is at ₹960, which may cap the upside in the near term. A fall to ₹915 or ₹900 is possible in the short term. The 50 per cent Fibonacci retracement support around ₹913, the psychological support at ₹900 and a trend support at ₹890 are the key levels to watch out for. If the stock manages to reverse higher from the ₹913-₹890 support zone, a revisit of ₹1,000 levels is possible. In such a scenario, a range-bound move between ₹890 and ₹1,070 can be seen for some time. On the other hand, a strong break and a decisive weekly close below ₹890 keep the overall downtrend, that has been in place since June 2016, is still intact. Such a break can drag Infosys lower to ₹825 or ₹800. As mentioned in this column last week, the region around ₹800 is a strong long-term support. A subsequent reversal from there will signal the beginning of a fresh bout of long-term uptrend.
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