Rajesh Palviya
Since September 2018 Infosys continues to consolidate in the form of "Rounding Bottom" pattern. With current close, the stock has decisively broken out from its multiple resistance zone of Rs 745 levels with huge volumes which remains a positive sign.
The stock is well placed above its 20, 50 and 100-days SMA and continues to maintain a series of higher top and higher bottom formation which supports bullish sentiments ahead.
The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in a bullish mode which reconfirms strength.
Disclaimer: The author is Head – Technical & Derivatives Analyst, Axis Securities. 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.
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