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Infosys continues to hover around the psychological ₹1,000 mark for the third consecutive week. Weekly candle chart is mixed but, the price action on the daily chart keeps the bias positive. The 21-day moving average at ₹989 has been providing strong support for more than a week now. Immediate resistance is at ₹1,020. A strong break and a decisive close above this hurdle may boost the momentum. Such a break can take Infosys higher to ₹1,060 or ₹1,070. Further break above ₹1,070 will see the upmove extending to ₹1,090 and ₹1,100. On the other hand, if the stock fails to break above ₹1,020, it can reverse lower and remain range-bound between ₹980 and ₹1,020. The 200-week moving average at ₹958 is a key support for the stock. The outlook for the stock will turn bearish only if it breaks below this support decisively. Such a break will bring renewed pressure on the stock and drag it to ₹950 levels once again. But such a strong down-move breaking below ₹950 looks less probable at the moment.
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