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Is Infosys a good bet post Rs 8260-crore buyback? Here's what charts say

The stock has absorbed all the selling pressure in the range of Rs 760 - Rs 770 and is ready for a fresh upside. Although it witnessed mild selling above Rs 800, the overall trends still looks bullish

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A building in the Infosys Thiruvananthapuram in Technopark Phase 3 | Photo

Avdhut Bagkar Mumbai
NIFTY IT: The weekly chart shows a strong support of 50-weekly moving average (WMA) from the  last two years, currently placed at 15,357 levels. Though the index did break the average in recent trading sessions, it failed to make a convincing breakdown. Going ahead, if the index conquers 16,000 mark with volumes, a rally of another 500 – 700 points cannot be ruled out. A significant strength is shown by Relative Strength Index (RSI). Positive divergence support are also indicating an upside, charts suggest. Similarly, Moving Average Convergence Divergence (MACD) has also crossed the zero line upward, which is a

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First Published: Aug 28 2019 | 9:17 AM IST

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