Infosys may test Rs 1750: Amit Harchekar

Amit Harchekar of A PLUS Analytics told CNBC-TV18, "We have a very strong reasoning for turning bearish on Infosys  mainly because they have formed a dual bearish pattern which is a combination of head and shoulder followed with a island reversal at the top and the levels of USD 32.8 to USD 33 has not been traded since last four years in Infosys. We are expecting this set up is an indication that lot of distribution has already been taken place in this stock and the downside price target of this head and shoulder pattern is projecting somewhere around Rs 1,750 to Rs 1,800."

"From behavioral finance prospective whenever promoters of this company sell their stakes at higher levels, historically it has been seen that the stock debates nearly 20 percent in their favour, last time it was Jaiprakash Associates where we had seen news of promoters
selling at around Rs 38-39, the stock has come down to Rs 25. In case of Infosys promoters have sold that stock at round Rs 2,100, so even that projects downside target of Rs 1,750 in the coming days," he said.

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