Technical Analysis

Infosys records new high

Yoganand D | Updated on January 24, 2018 Published on February 08, 2015


Infosys (₹2,229.3)

Infosys stayed above the immediate base level of ₹2,115 on closing bases and surged 4 per cent, breaking the significant resistance at ₹2,200. The stock registered a new high at ₹2,246 on Friday. It trades well above its 21- and 50-day moving averages. Moreover, the recent rally has helped the stock halt its losing momentum and reinforced bullish momentum. Traders can buy the stock with a stop-loss at ₹2,180 levels. The targets are ₹2,300 in the short term and then ₹2,400 in the medium term. The relative strength index in the daily chart has re-entered the bullish zone from the neutral region. Those with a medium-term perspective can stay invested with a stop-loss at ₹1,850 levels. Key supports to note are pegged at ₹2,115, ₹2,020 and ₹1,900 levels. A strong fall below ₹2,020 will mar the short-term bullish outlook.



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