Infosys moved in a range between Rs 1,350 and Rs 1,450 last week. The stock held above the 200-day moving average though it has not cleared the resistance around Rs 1,450 yet.
The short-term trend in the stock continues to be up and it can move higher to Rs 1,475 or Rs 1,527 in the near-term. Short-term traders can hold their long positions as long it trades above Rs 1,380.
Next support for the week is at Rs 1,340. the stock is poised at a key medium-term resistance. A reversal from here can pull it lower towards Rs 1,000 again. On the other hand, strong close above Rs 1,450 will give the next medium-term target at Rs 1,580.
Lokeshwarri S. K.
Our View :
One can avoid the IT pack due to bleak outlook. With results and guidance holding the key for next upmove, it is better to avoid the sector altogether. Brave traders can sell on jump to Rs.1500 + during the week and close the positions intra-day.