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"Infosys’ last two deal wins, clearly reduces some concerns about Infosys in particular because their numbers were hurt most when they reported the earnings releases. But now with the continuous bank downgrades in the US, banks being 25-30% of an IT services company’s revenue basket, there is going to be some amount of pause in discretionary spending of IT services. IT services as a sector is unlikely to be re-rated anytime soon.".

The downgrade was largely on account of the 1Q margins miss. Going forward, investments are likely to drive growth that will likely keep margins low. Valuations are in a fair value zone.

The stock quoted a 52-week high price of Rs 10760.4 and low of Rs 5708.1.

The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock.

​It is a one-day candlestick pattern wherein there is a small green real body with a lower shadow extending from the body and is formed at the bottom of a downtrend. The pattern signifies a bullish reversal as it shows that the bulls are trying to push prices higher.​

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe.

​The Futures Long Position Scan performed on the previous trading day (i.e. August 14, 2023) revealed Aggressive New Long positions were taken on some of the largecap counters.​

​On the Futures Short Position scan carried out on August 11, 5 midcap and largecap counters saw aggressive short covering. In such a scenario, the stock’s cumulative open interest decreases, whereas the price, average traded, and delivered quantity of 5 days increase.​

From the Sensex pack, HDFC Bank, Tata Steel, Tata Motors, SBI, Titan, and Bajaj Finance opened lower, while Infosys, ITC, Tech Mahindra, Wipro, and Power Grid opened with gains.

Supporting prices in early trade, U.S. crude stocks dropped by about 6.2 million barrels last week, according to market sources citing American Petroleum Institute figures. That was a much bigger draw than the 2.3 million drop analysts polled by Reuters expected.