December 22, 2017 / 7:12 AM / 6 months ago

BUZZ-India's Infosys hits over 1-yr high; further upside seen - technicals

** Infosys Ltd rises as much as 2.23 pct to 1044.80 rupees, its highest since Oct. 20, 2016

** Stock breaks above a resistance at 1,020 rupees, the 38.2 pct Fibonacci retracement level of the downtrend from June 3, 2016 high of 1,279.3 rupees to Aug. 22, 2017 low of 860 rupees. tmsnrt.rs/2BxGwi1

** A golden cross happened last week on chart when the stock’s 50-day exponential moving average (EMA) crossed above its 200-day EMA, a bullish sign from a longer-term perspective

** Some analysts have turned bullish on the stock in the last one month, with ‘strong buy’ recommendations rising by two to 11 and ‘buy’ ratings by one to 11

** The stock has 17 ‘hold’ recommendations, seven ‘sell’ and one ‘strong sell’

** Infosys has underperformed the sector so far this year, stock is up 1.13 pct for the year as of Thursday’s close, against a 9.38 pct gain on the Nifty IT Index

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