Mar 11, 2011, 10.43 AM | Source: Moneycontrol.com
According to IIFL, traders can sell Infosys Technologies Future between Rs 3130-3140 with stop loss of Rs 3173 for a target of Rs 3044, in its March 11, 2011 research report.
, IIFL |
“Infosys Technologies in the near has been moving with formation of lower tops and lower bottom with prices trading well below the 50 DMA. As such pattern continues the near term trend is likely to remain with negative bias. Any pullback towards Rs 3,130 should be used for initiating short position as this has been steady supply zone for the counter. On the weekly chart , it has been forming a ‘rising wedge’ which is bearish pattern and move below Rs 3,020 could aggravate selling pressure towards Rs 2,900 in the medium term. We advise going short on Infosys Mar Futures in the range of Rs 3,130-3,140 with stop loss of Rs 3,173 for Target of Rs 3,044. (Duration 7 days),” says IIFL research report.
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