The stock of Infosys jumped 2.8 per cent, amidst volatility in the previous week. It registered an all-time high at Rs.1,197 on Thursday. The stock is in an uptrend across all the time frames — long, medium and short term. It trades well above its 50 and 200-day moving averages. The short-term uptrend is intact.
The indicators on the daily chart feature in the bullish zone backing the uptrend. However, the stock is currently testing a key medium-term resistance level in the Rs.1,170-1,180 band.
Only a decisive breakthrough of this resistance band can strengthen the stock’s uptrend and accelerate it to Rs.1,200 and Rs.1,220.
Short-term traders should initiate fresh long positions on a decisive breach of Rs.1,180 levels with a stop-loss at Rs.1,165.
As long as the stock trades above Rs.1,060, its short-term uptrend will be in place. Immediate supports are at Rs.1,140 and Rs.1,100.
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