INFOSYS THE WAY AHEAD

INFOSYS
The stock might just have gone into bear grip, as said in last week after some bounce back it halted at the resistance level of 2250 and now has broken the existing trend line.
Now the next immediate support comes in at 2160 which also was the recent bear flag target as well as the 50DMA is around that area. If the stock closes below 2160-2150 the next support as well as target could be 2098-2072 which is 23.6% retracement as well as another trend line support as marked in the circles in the chart.
INFOSYS OI DATA
The 2220 and 2250 calls have shown call writing in significant quantities indicating that in OCTOBER the stock will find it extremely difficult to move above the 2250 mark.
There is some put writing at 2160 which indicates support and after that there is absence of OI till 2090 which means a close below 2150 will be bad for the stock.
Bulls should avoid the stock for the time being or wait till the stock shows consolidation with good volumes at either of the above mentioned support (preferably 2098)