Technical Analysis

Infosys tests an important support level

Yoganand D | Updated on January 24, 2018 Published on March 29, 2015

Infosys surged 2.7 per cent on Friday, trimming its weekly loss to 2.5 per cent. The stock continues to test its significant support at around ₹2,200 following a blip. A decisive downward breakthrough of the key support at ₹2,200 is required to strengthen the bearish momentum and pull the stock down to ₹2,100. To decisively reverse the short-term uptrend that has been in place over the past three months, the stock needs to plunge to levels below ₹2,100 to reach ₹2,000 and then ₹1,900 levels. We reiterate that investors with a medium-term horizon can hold the stock with a stop-loss at ₹1,850. But traders with a short-term view should tread with caution as the stock may continue to remain choppy. An emphatic breakthrough of the key resistance at ₹2,325 will have bullish implications and push the stock northwards to ₹2,400 and ₹2,500 in the medium term.

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