Infosys | Trading at a crucial Fibonacci level| Latest stock market news 

(3 minutes read)

Stock name: Infosys

Pattern: Not applicable

Time frame: Weekly and Daily

Observation: Infosys is currently trading at a very crucial level as it is very close to the 38.2% retracement level from the March 2020 lows taken till the recent top. If the said level is broken, it will indicate further weakness in the stock. The stock had recently broken its 200 days SMA with a gap (breakaway gap), which is already a sign of weakness. The MACD indicator is also bearish on a daily time frame.

You may add this to your watchlist to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) ITC’s net profit rose 3.4% as compared to the previous quarter. The company stated that is board recommended a final dividend of Rs. 6.25 for the financial year ended 31 March 2022, subject to declaration of the same by the members at the 111th Annual General Meeting (AGM) convened for 20th July 2022. The dividend, if declared, will be paid between 22nd July, 2022 and 26th July, 2022 to those members entitled thereto. It has fixed 28 May 2022 as the record date.

2) Sri Lanka fell into default for the first time in its history as the government struggles to halt an economic meltdown that prompted mass protests and a political crisis. Policy makers had flagged to creditors that the nation wouldn’t be able to make payments until the debt is restructured, and is therefore in pre-emptive default, central bank Governor Nandalal Weerasinghe said at a briefing Thursday. The coupon payments, originally due April 18, were worth $78 million combined on notes maturing 2023 and 2028, with a 30-day grace period that expired on Wednesday.

3) In a surprise announcement, the world's second largest carmaker Volkswagen and India's Mahindra and Mahindra said that they have signed an agreement to study the feasibility of using the German company's components in the latter's electric vehicles. The two companies signed an agreement on Wednesday evening to explore the feasibility of such a collaboration. They are expected to hammer out a binding deal for the supply of the said components by the end of this calendar year, as per a joint press statement.

4) Advanced Enzymes, Amara Raja batteries, Cochin Shipyard, IDFC, Indiabulls housing, Indigo paints, IRFC, NTPC, Paytm, Paras defence, Thermax amongst companies which will declare results tomorrow.