Last week, Infosys fell 3.3 per cent, resuming the near-term downtrend. The stock now tests a crucial support level at Rs.1,100. The indicators such as price rate of change and moving average convergence divergence feature in the negative terrain, implying bearishness.
A weak start will drag the stock further down to the medium-term trend-deciding support level of Rs.1,060. Key supports below Rs.1,060 are placed at Rs.1,030 and Rs.1,000. Traders can short the stock while maintaining a stop-loss at Rs.1,120 levels.
On the upside, a reversal from current levels can take it higher to the medium-term resistance band between Rs.1,170 and Rs.1,180 levels with a halt at Rs.1,150 levels. Only a decisive breakthrough of Rs.1,180 can take the stock higher to Rs.1,200 and then to Rs.1,220.
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