EquityPandit’s Outlook for Infosys for the week (August 31, 2015 – September 04, 2015):
INFOSYS (NSE: INFY) closed the week on negative note losing around 3%.
As we have mentioned last week that 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. The stock corrected to the levels of 1045 and bounce to the levels of 1111 during the week.
If the stock drifts below the levels of 1045 the stock can move to the levels of 1000 where 100 and 200 Daily SMA are positioned.
If the stock manages to close above the levels of 1130 the stock can move to the levels of 1190.
Broad range for the stock in the coming week is seen between 1040 to 1060 on downside to 1160 to 1180 on upside.