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Infosys (₹1085.9)
After gaining as much as 5.5 per cent, the stock of Infosys gave away some of its gains and closed the week with returns of 3.2 per cent. During this rally, the stock decisively breached its 200-day moving average. It is testing key resistance in the band between ₹1,100 and ₹1,110, a key trend-deciding area. A strong break-out of this band will pave the way for an upmove to ₹1,140 and then to ₹1,160. Therefore, traders with a short-term view should tread with caution and go long only on a strong break out, with a fixed stop-loss. But the stock will face some difficulty in moving above the long-term resistance zone between ₹1,160 and ₹1,170. Any declines in the coming week will take support at ₹1,060 or ₹1,030. Only a fall below ₹1,030 will strengthen the downmove and pull the stock down to ₹1,000 levels.
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