December 21, 2018 / 6:06 AM / 5 months ago

BUZZ-India's Infosys hits over 3-wk low; chart suggests more downside

** Shares of India’s second largest software services exporter, Infosys Ltd, fall as much as 2.56 pct to 650 rupees, lowest since Nov. 28

** Stock breaks below a support at 654.5 rupees, the 38.2 pct Fibonacci projection level of the downtrend from Oct. 1 high to Nov. 26 low

** Stock’s wave pattern suggests it is in the final wave C (a five sub-wave pattern) of a three-wave correction, that started on Oct. 1

** In the near term, stock may find support at its 200-day EMA or at 636.2 rupees, the 50 pct projection level

** MACD is below its signal line, a bearish signal

** Stock is up 29.04 pct this year as of last close, compared with the broader NSE Index’s 4 pct gains in the same period

Reporting by Gaurav Dogra

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below