Infosys made a decisive move above the resistance at Rs 1,320 last Thursday and closed the week well above this mark.
As indicated last week, next medium-term target for the stock is Rs 1,457 which is the resistance offered by November 2008 peak.
The 200-day moving average present at Rs 1,430 is also a strong hurdle that the stock would have to grapple with in the near-term. Short-term traders can book partial profits as the stock nears the Rs 1,400 level and hold the rest with a stop at Rs 1,300.
The medium-term range for Infosys stays between Rs 1,000 and Rs 1,500 and swing traders who have initiated longs close to the lower boundary should be alert as the stock nears the upper boundary of this range.
Lokeshwarri S. K.