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Shares of software services exporter Infosys Ltd, fell as much as 2.56 per cent to ₹ 650, lowest since November 28
The stock breaks below a support at ₹ 654.5, the 38.2 per cent Fibonacci projection level of the downtrend from October 1 high to November 26 low.
The stock's wave pattern suggested that it is in the final wave C (a five sub-wave pattern) of a three-wave correction, that started on October 1
In the near term, the stock is likely to find support at its 200-day EMA or at ₹636.2, the 50 per cent projection level
MACD is below its signal line, which is a bearish signal.
The stock is up 29.04 per cent this year as of last close, compared with the broader NSE Index's 4 per cent gains in the same period
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