Infosys chart suggest record-breaking rally

  • Infosys shares aggressively approaching its all-time high level of 755 in last few sessions and closed near its previous all-time closing high on Jan 22,2019.
  • The stock have a unfilled gap in the daily chart on 14 January post which the stock gained over 7% to 745, highest since Oct 1, 2018.
  • The stock rose 15 percent in the last 1 month as of Tuesday’s close outperforming its peers and IT index’s 5 percent gain.
  • Moving Average signals bullish as the stock is trading well above the signal line.
  • The levels of 700 – 685 will play out as support zones for the stock.
  • The unfilled gap shortly after the Q3 earnings outcome and no immediate resistance levels are seen favorable for the stock to initiate the record-breaking rally.