Trade Idea of The Day - Infosys Limited Target Rs. 45 - Religare Broking Ltd
Infosys Ltd
BUY 25 AUG 1120 PE Entry Range 14 – 16 Target 45 Stop Loss 5
Rationale
• On the daily chart INFY has witnessed renewed selling pressure with a fresh breakdown below its short term moving average of 20-DEMA as well as 50-DEMA, indicating a cautious undertone after facing continuous resistance near the upper boundary of its falling trendline.
• From a technical perspective, a sustained trading below its key moving average keep the bearish momentum intact and the stock prices may retest the rising trendline support of 1050-1060 zones in the coming sessions.
• The key Momentum indicators also remain cautious, with RSI hovering near the 4o mark and MACD showing signs of weakening after a recent recovery. On the upside 1130-1140 may attract fresh selling pressure and prices are trade with the sell on rise approach.
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