EquityPandit’s Outlook for Infosys for the week (November 28, 2016 – December 02, 2016) :

INFOSYS:

INFY closed the week on positive note gaining around 6.20%.

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 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. During the week the stock manages to hit a low of 907 and close the week around the levels of 977.

Minor support for the stock lies in the zone of 950 to 960. Support for the stock lies in the zone of 900 from where the stock has bounced couple of times. 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 940 to 950 on downside to 1000 to 1010 on upside.