The strong surge witnessed on this counter on Thursday made it close the week with 4 per cent gain.
Infosys has been repeatedly testing the resistance at Rs 1,450 over the last three weeks.
As explained in our last column, the stock has key resistance at Rs 1,450. Downward reversal from here will make it decline to Rs 1,000 whereas a rally beyond this level will give the stock next medium term target of Rs 1,587.
Fresh purchases from a trading perspective are therefore recommended only on a strong move above Rs 1,450. Subsequent short-term target is Rs 1,527.
Supports for the short term are at Rs 1,380 and Rs 1,350. Medium term trend will turn negative only on a close below Rs 1,300.
— Lokeshwarri SK
The IT pack has been broadly outperforming the markets and looks ripe for a correction Infosys has been gaining ever since the results have been announced. Expect a correction soon and one can enter the stock at Rs.1250-1275 levels for a target price of Rs.1600 for a holding period of 6 months.