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The shares of Infosys declined over 2 per cent initially to record a low of ₹1,023.5 on Wednesday. However, the stock managed to recover all its losses and closed 0.4 per cent higher for the week. Price action on the weekly charts signals a range bound move between ₹1,010 and ₹1,100 in the stock. Infosys is now poised at the mid-point of this range. The immediate outlook is unclear as there is an equal chance of moving towards either end of the range. Traders can stay on the sidelines, until a break-out occurs and gives a clear trade signal. Intermediate resistances are at ₹1,060 and ₹1,070. A strong break above ₹1,070 can take the stock higher to ₹1,100 this week. On the other hand, inability to breach the immediate hurdles at ₹1,060 and ₹1,070 levels can take the stock lower to ₹1,010 — the lower end of the range.
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