Comments
The stock of Infosys jumped 2.8 per cent, amidst volatility in the previous week. It registered an all-time high at ₹1,197 on Thursday. The stock is in an uptrend across all the timeframes — long, medium and short term. It trades well above its 50 and 200-day moving averages. The short-term uptrend is intact. The indicators on the daily chart feature in the bullish zone backing the uptrend. However, the stock is currently testing a key medium-term resistance level in the ₹1,170-1,180 band. Only a decisive breakthrough of this resistance band can strengthen the stock’s uptrend and accelerate it to ₹1,200 and ₹1,220. Short-term traders should initiate fresh long positions on a decisive breach of ₹1,180 levels with a stop-loss at ₹1,165. As long as the stock trades above ₹1,060, its short-term uptrend will be in place. Immediate supports are at ₹1,140 and ₹1,100.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.