Technical Pick of the Week #10 - Infosys Limited

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Price Action Analysis:

The stock bounced from the 1,375 - 1,400 support zone. The stock broke the short-term resistance at INR 1,500 and closed at INR 1,530 on Friday 7th June. A gap-filling momentum is anticipated in the next 2 weeks which can take the stock above INR 1,550.

Moving Average:

After trading below the 20 and 50 EMA for the last 2 months, the stock rose over the EMAs and closed with above-average volumes. The INR 1,450-1,470 zone can be a strong support in the near term.

Bollinger Bands:

The stock closed above the upper band with a strong green candle. The Bollinger band levels can be used to find a buying opportunity i.e. Buy on Dips around INR 1,500

Mool’s Outlook:

We anticipate a target of INR 1,690 in the stock in the next 6-8 months, which reflects a 11% upside in the stock.

Stop Loss should be maintained at INR 1,490

Infosys Limited provides consulting, technology, outsourcing and next-generation digital services to enable clients to execute strategies for their digital transformation. It is the 2nd largest Information Technology company in India.

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