Last week’s rally of 7 per cent in the stock of Infosys could partially be in anticipation of the June 2015 quarter results due on July 21. This rally has breached the significant resistance as well as the short-term trend deciding level at ₹985. The short-term trend is now up. However, the stock tests a key resistance at the level of ₹1,000 and the next is at the crucial ₹1,025-₹1,030 band.

The indicators in the daily chart are approaching the bullish zone. Traders with a short-term perspective can consider initiating fresh long position on a strong rally above the current resistance level with a stop-loss at ₹985 levels. The target can be the stock’s subsequent key resistance zone. Conversely, a volte-face and decline below the immediate support level of ₹985 can pull the stock down to the next base level of ₹970 and ₹950.

comment COMMENT NOW