EquityPandit’s Outlook for Infosys for the week (May 30, 2016 – June 03, 2016):
INFY closed the week on positive note gaining around 3.80%.
As we have mentioned last week that resistance for the stock lies in the zone of 1200 to 1210 where trend-line joining earlier highs is positioned. If the stock manages to close above these levels then the stock can move to the levels of 1250. During the week the stock manages to hit a high of 1259 and close the week around the levels of 1247.
Support for the stock lies in the zone of 1200 to 1210 where trend-line joining earlier highs is positioned. If the stock manages to close below these levels then the stock can drift to the levels of 1170 to 1180 where short term moving averages are lying.
Resistance for the stock lies in the zone of 1265 to 1270 where the stock has made a high in the month of April – 2016. The stock has broken out of multi-month consolidation so virtually no resistance lies.
Broad range for the stock in the coming week is seen between 1200 to 1210 on downside to 1270 to 1280 on upside.