On the daily chart of Infosys, the prices closed over the 20 sma levels. The move had decent volumes. Another close in the B zone of the Bollinger Band will further establish a buy signal in the stock
Further more the stochastics (modified) has turned from the overbought levels. MACD (modified) have reversed from the zero line and getting ready to move up. All these factors sets a case for move up in the stock.
The stock is in uptrend since it has been trading above the HML ribbon. Yesterday IT sectorial indices posted a positive strong closing, indicating further move up in the IT stocks.
The hourly chart forms an inverse head & shoulder that has a minimum target of 1190.
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