Infosys declined 3.3 per cent, conclusively breaking a significant medium-term support level at Rs.1,100 last week. Since registering an all-time high at Rs.1,163 levels in mid-August, the stock has been on a short-term downtrend.
The daily price target of change indicator now hovers in the negative territory indicating selling interest. Both the daily and weekly relative strength indices are trending down in the neutral region.
The stock’s medium-term uptrend, which commenced in July after hitting a low of Rs.932, is under threat now. Rs.1,060 is a crucial level, which will decide the trend.
A strong fall below this level will strengthen the ongoing decline and pull the stock down to Rs.1,030 and then to Rs.1,010 levels in the short term.
Traders can consider initiating fresh short positions on a fall below Rs.1,060 levels with a stop-loss at Rs.1,080 levels. On the other hand, the stock has key resistances at Rs.1,100, Rs.1,120 and Rs.1,140 levels.
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