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Infosys shares hit 2-year high, and technicals suggested further upside. The stock gained as much as 1.7 per cent to Rs 1,258, its highest since June 8, 2016.
The company CEO Salil Parekh had said on Wednesday that Infosys has already hired 4,000 in the US and last year, India’s No 2 software exporter had said that it will hire 10,000 graduates from colleges.
The stock has broken above a resistance at Rs 1,242, the 50 per cent Fibonacci projection level of the uptrend from October 5, 2012 low to June 3, 2016. The breakout suggested that the stock may now move up to Rs 1,332, the 61.8 per cent projection level.
The stock had broken out of a triangle pattern earlier this week, also seen as bullish. Trend Intensity (TI) indicator rose to 18, suggesting that the stock is in early stage of a new uptrend. Infosys stock was up 18.8 per cent this year as of Wednesday, outperforming Nifty IT index gain of 16 per cent.
(With inputs from Reuters)
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