Infosys Limited: Support zone and RSI rebound

Infosys Limited (NSE:

) closed at ₹1,130, down 0.85%, after finding buying interest near the ₹1,023–₹1,035 support zone. RSI has rebounded from near-oversold levels, while the weekly structure is showing signs of a possible double-bottom formation. The stock has been under pressure for several months and remains below its key moving averages. The 20 EMA and 50 EMA are both around ₹1,135–₹1,145, making this zone important for the next move. What caught my attention is the reaction from the ₹1,023 area. RSI has started recovering from the lower zone, suggesting that selling pressure may be easing. The recent improvement in global IT sentiment, along with the positive reaction in Infosys ADR after the Accenture outlook, also provides a supportive global cue. My view is that the current setup is more about watching for confirmation than assuming a trend reversal. If Infosys sustains above ₹1,135–₹1,145, the recovery can gain strength and the possible double-bottom structure will become more meaningful. On the other hand, a decisive break below ₹1,023 would weaken the setup and bring ₹985 into focus. What I am watching next: ₹1,023–₹1,035: Key support zone ₹1,135–₹1,145: Immediate resistance and confirmation zone ₹1,265: Major higher resistance ₹985: Important downside level if support fails Stance: Watch for a sustained move above ₹1,145 for confirmation. Until then, the stock remains in a recovery attempt within a broader weak trend. Disclosure: Neither I nor my family members hold any position in the mentioned stock at the time of publication.