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Infosys is one of the rare few stocks among the pivotals that have closed with a positive weekly close. The stock gained over 5 per cent last week to form a morning star pattern in the weekly candlestick chart.

This is a bullish reversal pattern. However, another strong weekly close is required to reinforce this assumption. A weekly close above Rs 1,200 is needed to make the near-term outlook positive.

Traders can initiate fresh longs on a close above this level. Subsequent targets for the stock are Rs 1,260 and Rs 1,307. Near-term supports for the stock are at Rs 1,140 and then Rs 1,060.

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