Prakash Gaba of prakashgaba.com told CNBC-TV18, "Infosys has broken a very important support level of around Rs 900, even momentarily, but trading at Rs 917, that is not good enough. When I look at the structure, it has negated a buy signal on a monthly timeframe which basically means downside is on. Where does it go from here? Three levels I have, Rs 850, Rs 800, and Rs 731."
"It is quite possible it can even slide there. Should you buy today? I’ll wait for tomorrow. Before the buyback? Maybe it might see a good down move tomorrow. That perhaps could be a buying opportunity closer to these levels if it happens," he added. At 15:27 hrs Infosys was quoting at Rs 922, down Rs 99.15, or 9.71 percent.
Further reading Edelweiss research report on infosys
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