EquityPandit’s Outlook for Infosys for the week  (April 03, 2017 – April 07, 2017) :

INFOSYS:

INFY closed the week on negative note losing around 0.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 1040 to 1050 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 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 1042 and close the week around the levels of 1022.

Support for the stock lies in the zone of 1000 to 1010 where Fibonacci level is lying. Support for the stock lies in the zone of 970 to 980 where Fibonacci levels and short term moving averages are 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.

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.

Broad range for the stock in the coming week is seen between 990 to 1000 on downside & 1050 to 1060 on upside.