INFOSYS Rs 2714 has formed a bearish H&S pattern and now breaking down from it. If it maintains below Rs 2700 it would be a breakdown and lower support may come near Rs 2600 which is 200 DMA or Rs 2530.
In weekly chart of INFOSYS we can see it is testing a trendline support so a sustained move below this support would make things worse for this IT bellwether.
WIPRO Rs 395 has broken down from bearish formation where target of Rs 370-375 is possible soon. Rs 420 above move only would have some probability of failing this pattern breakdown.
In last post we saw BSE IT index showing bearish patterns and now individual stocks are also breaking down, so going by such a picture if markets fail to move higher TECK stocks may underperform.
