Infosys (₹2,233.3)
The stock of Infosys recorded a positive weekly close after two consecutive weeks of fall. The 2.8 per cent rally last week is signalling the beginning of a new leg of up move. The 21-week moving average at ₹2,153 has been providing strong support for the last three weeks, suggesting that the downside could be limited. Immediate support is at ₹2,212 and a rise to ₹2,275 looks likely this week. A strong break and a decisive close above ₹2,275 can take the stock to the next target of ₹3,330. Short-term traders can go long with a stop-loss at ₹2,205. Profits can be booked at ₹2,270. The outlook will turn negative only if it records a strong weekly close below ₹2,153. The ensuing targets on such a break will be ₹2,100 and ₹2,065. But such a fall looks less likely.
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.