Rupee breaches 80: Watch out these levels on forex-sensitive Infy, IndiGo

Among select export-oriented shares, Aurobindo Pharma seems well placed on the charts with a potential upside of 9 per cent in the near term.

The Rupee plunged to an all-time low against US Dollar, breaching 80-mark on Tuesday for the first time in history. This unprecedented move accounts for a 25 per cent decline since 2014 as concerns over resilient crude oil price, strong dollar overseas and foreign outflows continue to distress investors. READ MORE

In the equity market, the BSE Sensex and Nifty 50 opened on a negative note mirroring losses in the global peers, but soon recouped losses and hit a fresh 5-week highs. 

Given the steep fall in Rupee, export oriented companies are likely to yield currency gains and the shares are may be in limelight in the coming days. Here’s an technical outlook on stocks that are likely to be impacted due to the sharp depreciation in Rupee:- 

Infosys Ltd (INFY)

Outlook: Breakout over Rs 1,550

Shares of Infosys are seen trading sideways with immediate support seen at Rs 1,400 level. To breakout on the upside, the stock needs to take out Rs 1,550 hurdle with robust volume and close. The current trend looks sluggish with little bullishness.  CLICK HERE FOR THE CHART

Aurobindo Pharma Ltd (AUROPHARMA)

Likely target: Rs 600

Upside potential: 9%

While there is bearish “Death Cross” on the weekly chart, having the recent pullback mark of Rs 503 as a breakdown neckline, the present stability over Rs 540 could offer much respite and even may see further upside. Thus, as long as the support of Rs 540 is defended, bulls could ride the stock to Rs 600 with ease. CLICK HERE FOR THE CHART

Rajesh Exports Ltd (RAJESHEXPO) 

Oultook: Rs 520 stays a critical point

Shares of Rajesh Exports conquered the 50-day moving average (DMA) and are struggling to overcome the 100-DMA hurdle. The 100-DMA is set at Rs 620 and 50-DMA is at Rs 571. Moreover, there is a “Death Cross”, which defies breakdown at Rs 520 levels. So, either side move of these averages would determine the next course of trend. A breach of Rs 520 could mean a medium-term downtrend. CLICK HERE FOR THE CHART

Welspun India Limited (WELSPUNIND)

Outlook: 200-WMA holds key level

Welspun India stock endures the 200-weekly moving average (WMA) support located at Rs 72.50-mark. And if the stock succeeds to hold ground at the average, the pullback rally could see a sharp upside towards Rs 90 mark. The Relative Strength Index (RSI) rose above the oversold territory exhibiting a positive undertone. CLICK HERE FOR THE CHART

InterGlobe Aviation Ltd (INDIGO)

Outlook: 200-WMA remains a support mark

The support of Rs 1,516, which is its 200-WMA, reflects a positive bias on the stock. The short-to-medium term outlook appears robust over this support mark. The stock does have a “Lower low, Lower High” formation, suggesting a negative bias, however until 200-WMA is not dismantled; the counter may not exhibit fresh weakness. CLICK HERE FOR THE CHART