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Stocks

Infy Shot Up 4%, Was I Wrong!

Since there was a question about Infy’s insider trading on the news that Mr. Narayana Murthy is back as Chairman of the company, the obvious question is: Did that trade make money?

By the truckload, it seems. The stock ended up moving +4% up.

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I’ll be the first to admit I was wrong in the assessment that the stock might not react. It has though some signs of weakness – closing below the 200 day moving average and today, down 1% in a down day.

What seasoned technical analysts might see is there is a large gap between 2600 and 2800 and one more below between 2420 and 2478. Which one goes first?

However, the question of whether there was an insider trade is still moving towards a “no” – though I believe the issue merits investigation.