In the week ago, the stock of Infosys surged 4.8 per cent after the rupee depreciated by almost 2 per cent to trade below the 65-mark against the dollar. It had registered a new high at Rs.1,168.8 on Friday. Nevertheless, the stock has encountered a significant medium-term resistance in the zone between Rs.1,156 and Rs.1,166.
After hitting its 52-week low in early July, the stock has since been on a medium-term uptrend. The short-term trend is also up. The stock trades well above its 50- and 200-day moving averages.
The indicators in the daily chart are in the bullish zone, supporting the up move. The stock could pause and test the current resistance level over the next few sessions.
A decisive breakthrough can extend the uptrend and take the stock northwards to Rs.1,180 and then to Rs.1,200.
Traders can buy the stock with a stop-loss at Rs.1,130.
Key supports below Rs.1,130 are placed at Rs.1,110 and Rs.1,090.
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