Shares of Infosys rose as much as 2.23 per cent to Rs 1,044.80, its highest since October 20, 2016. At about 2 pm, Infosys shares were trading 1.75 per cent or Rs 17.85 higher at Rs 1,039.90 on the NSE. The stock broke above a resistance at Rs 1,020, the 38.2 per cent Fibonacci retracement level of the downtrend from June 3, 2016 high of Rs 1,279.3 to August 22, 2017 low of Rs 860.
A golden cross happened last week on the 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; the stock is up 1.13 per cent for the year as of Thursday's close, against a 9.38 per cent gain on the Nifty IT Index.