The stock of Infosys gained 1 per cent amid choppiness witnessed in the previous week. It continues to test the key resistance level at ₹1,100. A decisive move above this level will pave way for a rally to ₹1,120 and then to ₹1,140 in the short term. Hence, a positive start can provide the green signal for traders with a short-term view to initiate long position with a stop-loss at ₹1,090. The price rate of change and moving average convergence divergence indicators feature in the positive territory, indicating bullishness. The medium-term trend is up and will remain in place as long as the stock trades above the significant support zone between ₹1,050 and ₹1,060. The stock hovers well above its 50 and 200-day moving averages. Nevertheless, a strong decline below ₹1,050 levels will reverse the uptrend and pull it down to ₹1,030 and then to ₹1,010.

comment COMMENT NOW