EquityPandit’s Outlook for Infosys for week (July 13, 2015 – July 17, 2015):
INFOSYS (NSE: INFY) closed the week on negative note losing more than 5%.
As we have mentioned last week that if the stock breaks below the levels of 985 the stock can drift to the levels of 970 and 950 where long term trend-line support for the stock is positioned. The stock broke below all the support and ended the week at the levels of 937.
As seen from the chart the stock had a major breakdown on daily charts and has broken the support zone of 950 which was acting as major support for the stock in every correction.
The stock has also broken down from the Head & Shoulder pattern and the targets for the same can be in the range of 750 to 800.
The stock has to close above the levels of 950 to negate this pattern.
Support for the stock lies in the zone of 900 to 920 where 500 Daily SMA and 100 Weekly SMA is lying.
Broad range for the stock in the coming week is seen between 880 to 900 on downside to 980 to 1000 on upside.