EquityPandit’s Outlook for Infosys for the week (December 12, 2016 – December 16, 2016) :

INFOSYS:

INFY closed the week on positive note gaining around 2.60%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 975 to 980. 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. During the week the stock manages to hit a high of 1008 and close the week around the levels of 989.

Minor support for the stock lies in the zone of 950 to 960. Support for the stock lies in the zone of 900 to 910 from where the stock has bounced in the month of November-2016. 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.

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 950 to 960 on downside to 1010 to 1020 on upside.