June 7, 2018 / 6:53 AM / 2 months ago

BUZZ-India's Infosys hits 2-yr high; technicals suggest further upside

** Shares of Infosys Ltd gain as much as 1.7 pct to 1,258 rupees, their highest since June 8, 2016

** IT company has hired 4,000 U.S. locals in last 12 months out of 10,000 target, says CEO Salil Parekh infy.com/2LtkNbh

** Stock breaks above a resistance at 1,242 rupees, the 50 pct Fibonacci projection level of the uptrend from Oct 5, 2012 low to June 3, 2016 high reut.rs/2LZqPSh

** Breakout suggests stock may now move up to 1,332 rupees, the 61.8 pct projection level

** Stock broke out of a triangle pattern earlier this week, also seen as bullish

** Trend Intensity (TI) indicator rises to 18, suggests stock in early stage of a new uptrend

** Stock up 18.8 pct this year as of Wednesday, outperforming Nifty IT index gain of 16 pct (Reporting by Gaurav Dogra)

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