Infosys is now poised at the mid-point of this range

The shares of Infosys declined over 2 per cent initially to record a low of Rs.1,023.5 on Wednesday. However, the stock managed to recover all its losses and closed 0.4 per cent higher for the week. 

Price action on the weekly charts signals a range bound move between Rs.1,010 and Rs.1,100 in the stock. Infosys is now poised at the mid-point of this range. 

The immediate outlook is unclear as there is an equal chance of moving towards either end of the range. 

Traders can stay on the sidelines, until a break-out occurs and gives a clear trade signal. Intermediate resistances are at Rs.1,060 and Rs.1,070.

A strong break above Rs.1,070 can take the stock higher to Rs.1,100 this week. On the other hand, inability to breach the immediate hurdles at Rs.1,060 and Rs.1,070 levels can take the stock lower to Rs.1,010 — the lower end of the range.