EquityPandit’s Outlook for Infosys for week (August 10, 2015 – August 14, 2015):
INFOSYS (NSE: INFY) closed the week on negative note losing around 1%.
The stock has made a Hammer pattern on 31/07/2015 indicating the end of downtrend. If the stock manages to close above the levels of 1080 the stock can move to the levels of 1120.
The stock has formed a Bearish Harami pattern on weekly charts indicating the indecision among the traders about the further move after the big upward move.
On monthly charts the stock has broken out of the consolidation phase of 960 to 1030 zone.
Support for the stock lies around the levels of 1030 from where the stock broke out and also 100 Daily SMA and 200 Daily SMA are positioned.
Resistance for the stock lies in the zone of 1120 to 1150 levels.
Broad range for the stock in the coming week is seen between 1050 to 1060 on downside to 1130 to 1150 on upside.