EquityPandit’s Outlook for Infosys for the week (November 15, 2016 – November 18, 2016) :

INFOSYS:

INFY closed the week on negative note losing around 5.00%.

As we have mentioned last week that the stock has seen a major break down on long term charts and virtually no support is visible. Support for the stock lies in the zone of 930 to 950 from where the stock has bounced in the month of July – 2015. If the stock manages to close below these levels then the stock can drift to the levels of 900. During the week the stock manages to hit a low of 901 and close the week around the levels of 922.

The stock has seen a major break down on long term charts and virtually no support is visible. Support for the stock lies in the zone of 900. Major support for the stock lies in the zone of 800 to 820 where trend-line joining lows of November-2008 and April-2013 is lying.

Minor resistance for the stock lies in the zone of 940 to 950. Resistance for the stock lies in the zone of 1000 to 1010 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 1030 to 1050 from where the stock has broken down in the month of October – 2016.

Broad range for the stock in the coming week is seen between 890 to 895 on downside to 945 to 950 on upside.