EquityPandit’s Outlook for Infosys for the week (August 24, 2015 – August 28, 2015):
INFOSYS (NSE: INFY) closed the week on absolutely flat note.
As we have mentioned last week that the 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, the stock hit a low of 1117 during the week and bounce back to the levels of 1150.
The stock has formed a Doji pattern on weekly charts indicating the indecision among the traders about the further direction of the stock.
If the stock breaks below the levels of 1100 to 1120 on closing basis then the stock can move to the levels of 1055 to 1070 where medium term moving averages are positioned.
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 1060 to 1080 on downside to 1200 to 1220 on upside.