According to IIFL, traders can sell Infosys Jan Fut below Rs 2360 with stop loss of Rs 2400 for a possible target of Rs 2280, in its December 27, 2012 research report.
“Infosys on the daily chart has seen multiple resistances around 38.2% Fibonacci retracement which falls around Rs2,360. As long prices stays below same, the view remains negative and stock is likely to form lower low below Rs2,271. The daily RSI has been struggling to move above 50 which also confirms weakness. A formation of lower high and lower low on daily candlestick at the time, when broader index rally nearly 1%, is typical sign of distribution. (Duration 10 days),” says IIFL research report.
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