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The stock of Infosys gained 5 per cent last week. However, it faces a crucial medium-term resistance band in the range between ₹1,170 and ₹1,180. A decisive breakout of this resistance range is required to take the stock northwards to ₹1,200 and then to ₹1,220 levels in the short term. Traders can consider going long on such a breakout with a stiff stop-loss. But failure to move past ₹1,180 can once again drag the stock down to ₹1,120 or ₹1,100.
As long as the stock trades above the medium-term trend-deciding support level of ₹1,060, the outlook will be bullish.
An emphatic fall below ₹1,060 can drag the stock down to ₹1,030 or ₹1,000 in the medium term. The indicator and oscillators in the daily and weekly charts show mixed signals. The stock has once again moved above its 21 and 50-day moving averages indicating bullish momentum.
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