Accumulate Infosys with stop-loss of Rs 2985: IIFL

MUMBAI: IIFL is of the view that Infosys Technologies has signaled breakout from the triangle pattern. It has advised to accumulate the stock with stop-loss of Rs 2985.

“Infosys Technologies has remained resilient against volatile markets and has signaled breakout from the triangle pattern accompanied with volume breakout on daily chart. This move certainly has stalled the consolidation phase in the counter and the stock is all set to head towards its intermediate peak placed at Rs 3,238.

Adding to it, prices have surpassed above the 50 DMA on Thursday trading session and have been sustaining well above the same. RSI signaling positive crossover supports buying argument in the counter. We advise accumulating stock in the range of Rs 3,020-3,035 with stop loss of Rs 2985 for Target of Rs 3135,” the report said.