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Infosys (₹2,172.2)
After testing the key support at ₹2,200, the stock fell 2 per cent on Wednesday to close the week with a loss of 1.4 per cent. It hovers well below its 21- and 50-day moving averages. Indicators such as moving average convergence divergence and price rate of change on the daily chart feature in the negative territory, implying downward momentum. The daily relative strength index is on the brink of entering the bearish zone from the neutral region. A negative start this week will have bearish implications and pull the stock down to ₹2,100. Strong breakthrough of this level can alter the short-term uptrend and pull the stock down to ₹2,000 and then to ₹1,900 in the short term. Traders with a short-term view can initiate fresh short position with a stop-loss at ₹2,210. Key resistance above ₹2,250 is placed at ₹2,325.
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