EquityPandit’s Outlook for Infosys for the week (February 20, 2017 – February 24, 2017) :

INFOSYS:

INFY closed the week on positive note gaining around 3.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 950 to 955. Support for the stock lies in the zone of 935 to 940 from where the stock has broken out of the consolidation zone. If the stock manages to close below these levels then the stock can drift to the levels of 920 to 930. The stock has taken multiple support around the levels of 900 to 910. During the week the stock manages to hit a low of 963 and close the week around the levels of 1000.

Minor support for the stock lies in the zone of 980 to 990. Support for the stock lies in the zone of 970 to 980 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 945 to 955 from where the stock broke out after consolidation.

Resistance for the stock lies in the zone of 1020 to 1040 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 1050 to 1060 where 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 960 to 970 on downside & 1040 to 1050 on upside.