November 21, 2018 / 4:28 AM / 4 months ago

BUZZ-India's Infosys hits 5-mth low; chart suggests further downside

** Shares of India’s second largest software services exporter, Infosys Ltd fall as much as 2.99 pct to 622.2 rupees, lowest since June 22

** Stock breaks below its 200-day exponential moving average, a bearish sign

** Stock breaks below a support at 629.5 rupees also, the 38.2 pct Fibonacci retracement level of the uptrend from Aug. 22, 2017 low to Oct. 1, 2018 high

** Break below the support suggests stock may fall up to the next support at 590.75, the 50 pct retracement level

** Trend Intensity (TI) indicator rises to 16, suggesting a new downtrend has started

** MACD is negative and below its signal line

** Stock down 6.17 pct in the last one month as of Monday’s close, while the broader NSE Index is up 3.42 pct in the same period

Reporting by Gaurav Dogra

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