The stock of Infosys was choppy and closed on a negative note, recording a marginal fall last week. Key medium-term resistance in the range between Rs.1170 and Rs.1180 continues to act as a significant barrier.
An emphatic breakout of this resistance band can take the stock higher to Rs.1,200 and then to Rs.1,220 levels in the short term. The near term trend wavers in the wide range of Rs.1,100 and 1,180.
The daily and weekly relative strength indices feature in the neutral region. The recent fall can extend further and test the lower boundary of Rs.1,100 in the forthcoming trading sessions.
Hence, traders with a near-term view can initiate a short position with a stop-loss at Rs.1,150 levels. The medium-term trend is up. As long as the stock trades above the trend-deciding support level of Rs.1,060, the outlook will remain bullish and the stock may revisit Rs.1,200 levels.
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