EquityPandit’s Outlook for Infosys for the week (Aug 21, 2017 – Aug 25, 2017) :
INFY closed the week on negative note losing around 6.50%.
As we have mentioned last week, that resistance for the stock lies in the zone of 1010 to 1020 where Fibonacci levels and declining trend-line resistance for the stock are lying. If the stock manages to close above these levels then the stock can move to the levels of around 1040 to 1045 where the stock has formed a top in the month of March-2017. During the week the stock manages to hit a high of 1029 and close the week around the levels of 923.
Support for the stock lies in the zone of 900 to 910 where the stock has taken multiple supports. If the stock manages to close below these levels then the stock can witness a major break down and the stock can drift to the levels of 820 to 830 where long term trend-line support for the stock is lying.
Resistance for the stock lies in the zone of 940 to 945 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of around 960 to 970 where short, medium & long term moving averages and Fibonacci levels are lying.
Broad range for the stock in the coming week is seen between 880 to 890 on downside & 950 to 960 on upside.