EquityPandit’s Outlook for Infosys for the week (January 16, 2017 – January 20, 2017) :

INFOSYS:

INFY closed the week on positive note gaining around 0.40%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 980 to 985. 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 1040 and close the week around the levels of 976.

Support for the stock lies in the zone of 950 to 960 from where the stock has broken out of the consolidation zone and where Fibonacci ratios are lying. If the stock manages to close below these levels then the stock can drift to the levels of 920 to 930.

Minor resistance for the stock lies in the zone of 980 to 985. 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 940 to 950 on downside to 1000 to 1010 on upside.