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Infosys Share Price Technical Analysis suggests that the stock is two unfilled gaps. To fill these gaps, the stock should move up. The resistance level of Rs 705 is very crucial for this stock. If the stock break this resistance level or the support level of Rs 630 then it can deliver more than 10% returns.
On Fibonacci Retracement, the Infosys share retrace from the 50% level. Current analysis suggests that during a recent correction of 15% in a single day, it respected its 50% retracement level. In order words, the stock is still in an uptrend.
The stock is approaching towards its 20-period exponential moving average. To form a multibagger pattern, it should form an inverted triangle with 20 and 200 period EMA.
The delivery % and volume analysis suggest that some big players exited from the stock the day, it corrected 15%. Also, the lower delivery % suggests that the current up move in the stock is speculative.
The option chain analysis suggests that the stock can face very stiff resistance near Rs 700 and the option chain is bearish at this moment. Also, there is NO correlation between the movement of Nifty and the Infosys share. Compared to peers, Infosys has not delivered any returns in the last one year.
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