Infosys - Starting coverage

IT has been hammered more than other sectors in the last few weeks. Infy will be declaring results tomorrow. So we though we will provide a technical perspective on Infy.

In the short term Infy is clearly in a downtrend (duh!). Hammer candle on October 8 indicates a possible reversal of this. To break the downtrend, Infy has to move above 1440. Infy has a strong support at 1121. Let us hope that is not broken.

Trading strategy: Play for supports/resistances breaks or bounces.
Supports: 1121, 1000
Resistances: 1326,1440