The key resistance for the stock of Infosys at ₹1,100 held its ground last week. It recorded a high of ₹1,098 on Monday and tumbled to close 1.7 per cent lower for the week.
The outlook is bearish with resistances at ₹1,063, ₹1,072 and ₹1,078. An immediate fall to ₹1,035 looks likely this week. Further break below ₹1,035 will see Infosys revisiting the psychological ₹1,000 level in the coming days.
Short-term traders can go short at current levels. Stop-loss can be kept wider at ₹1,074 for the target of ₹1,010. Intermediate rallies to ₹1,060 and ₹1,070 can be used to accumulate the short positions.
The outlook for the stock will turn bullish only if it breaks above ₹1,100 decisively. Such a break will pave way for a fresh rally to ₹1,150 and ₹1,200 thereafter. But such a strong rally looks unlikely at the moment.
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