EquityPandit’s Outlook for Infosys for the week (August 17, 2015 – August 21, 2015):
INFOSYS (NSE: INFY) closed the week on positive note gaining around 5%.
As we have mentioned last week that if the stock manages to close above the levels of 1080, the stock can move to the levels of 1120 and the stock hit a high of 1175 before closing the week around the levels of 1149.
The stock has formed a Bearish engulfing pattern on daily charts indicating the pause in the uptrend.
Support for the stock lies in the range of 1100 to 1120 from where the stock has broken out and also short term moving averages are positioned around the levels of 1100.
Resistance for the stock lies in the zone of 1175 to 1200 levels above which the stock can move to the levels of 1250
Broad range for the stock in the coming week is seen between 1080 to 1120 on downside to 1200 to 1220 on upside.