EquityPandit’s Outlook for Infosys for the week  (April 17, 2017 – April 21, 2017) :

INFOSYS:

INFY closed the week on negative note losing around 5.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 1000 to 1010 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 1030 to 1040 highs for the month of January-2017, March-2017 and 200 Daily MA is lying. During the week the stock manages to hit a high of 990 and close the week around the levels of 931.

Support for the stock lies in the zone of 900 to 910 where the stock has taken support in the month of November-2016 and January-2017. If the stock manages to close below these levels then the stock can drift to the levels of around 850 to 870.

Resistance for the stock lies in the zone of 945 to 950 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of around 970 to 980 where Fibonacci level is lying.

Broad range for the stock in the coming week is seen between 900 to 910 on downside & 970 to 980 on upside.