Breakout is expected to come above Rs 686-689 where buying momentum will accelerate towards our target of Rs 725, says Shabbir Kayyumi of Narnolia Financial Advisors.
Emerging Inverted Head & Shoulder on daily chart of Infosys is showing that the stock has bottomed near it lower levels. Strong support is near its 50-DMA on the daily chart, showing upside momentum remains intact.
Positive crossover in MACD is also favoring price action. Breakout is expected to come above Rs 686-689 where buying momentum will accelerate towards our target of Rs 725.
Buy Infosys around Rs 689 with the stop loss of Rs 655 for the target of Rs 725.
The author is Head - Technical & Derivative Research at Narnolia Financial Advisors Ltd.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.