EquityPandit’s Outlook for Infosys for the week (April 10, 2017 – April 13, 2017) :
INFY closed the week on negative note losing around 4.00%.
As we have mentioned last week that resistance for the stock lies in the zone of 1030 to 1040 where highs for the month of January-2017 and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 1080 to 1090 where the stock has faced multiple resistance in the month of August-2016 and October-2016. During the week the stock manages to hit a high of 1032 and close the week around the levels of 982.
Support for the stock lies in the zone of 970 to 980 where Fibonacci levels is lying. If the stock manages to close below these levels then the stock can drift to the levels of 945 to 955 from where the stock broke out after consolidation. Below these levels the stock can drift to the levels of 900 to 910 where the stock has formed a bottom in the month of November-2016 and January-2017.
Resistance for the stock lies in the zone of 1000 to 1010 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 1030 to 1040 highs for the month of January-2017, March-2017 and 200 Daily MA is lying.
The company is going to announce its quarterly and yearly results on 13/04/2017 so high degree of volatility can be expected.
Broad range for the stock in the coming week is seen between 900 to 910 on downside & 1050 to 1060 on upside.