Comments
Infosys was hanging around its important ₹1,100-1,110 resistance zone all through last week. Whether the stock breaches this resistance zone or reverses lower again will decide the next leg of move.
The charts indicate the likelihood of the stock breaking above ₹1,110 . Such a break will take the stock higher to ₹1,150. It will also increase the possibility of it revisiting ₹1,200 or even recording new highs.
Traders can go long on a break above ₹1,110. Stop-loss can be kept at ₹1,080 for the target of ₹1,150. Key supports for the stock are at ₹1,080, ₹1,070 (the 21-day moving average) and ₹1,067 (the 200-day moving average).
Inability to breach ₹1,110 can drag the stock lower to test the above mentioned support levels in the coming days. The stock will come under pressure only if it declines below the 200-day moving average support. Such a fall can take Infosys lower to ₹1,040 and ₹1,035.
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.