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Infosys extended its rally for the third consecutive week. The stock decisively breached a key resistance at ₹1,130 and closed 3.3 per cent higher last week. The outlook for the stock is bullish. Supports are at the levels of ₹1,130, ₹1,110 and ₹1,094. A rise to ₹1,165-₹1,170 looks likely this week. A further rally above ₹1,170 will take the stock higher to its previous high of ₹1,186. Such a break will also increase the possibility of the stock rising to new highs. Short-term traders can go long at current levels. Stop-loss can be kept at ₹1,105 for the target of ₹1,185. Intermediate dips to ₹1,130 and ₹1,110 can be used to accumulate long positions. The short-term outlook will turn negative only if the stock declines below the level of ₹1,094. The next target will be ₹1,050. However, a sharp fall to ₹1,050 seems unlikely.
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