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Infosys (₹1,138)
In the week ago, the stock of Infosys was volatile and formed a spinning top candlestick pattern implying indecisiveness. The stock faces a key medium-term resistance in the band between ₹1,170 and ₹1,180 levels. Weakening of the rupee can trigger an upmove in the stock. This has the potential to break through the key resistance zone. So, traders with a short-term perspective can initiate long positions as the stock nears this resistance level. We reiterate that a decisive breakthrough can take the contract northwards to ₹1,200 and then to ₹1,220 levels in the short term. The indicators on the daily chart are positively biased. The stock trades well above its 50- and 200-day moving averages. However, a fall below the immediate support level of ₹1,100 can mitigate the bullish trend and drag the stock down to the medium term trend-deciding support level of ₹1,060. Key supports below ₹1,060 are pegged at ₹1,030 and ₹1,000.
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