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Infosys got past our first target of Rs 1,866. It could try to achieve the next target of Rs 1,910 in the short term. The sideways move with an upward bias seen last week resembles a running correction, which is a bullish pattern.

The move from Rs 1,723 seems to be the fifth wave from the low made in June 2006. In this case, the medium term target falls at Rs 1,956. For the short term, the Rs 1,850 level remains a strong resistance. Fresh longs can be initiated on a breakout beyond Rs 1,850 for the weekly target of Rs 1,895 and then Rs 1,939. Stop for long positions should be kept at Rs 1,780.

Lokeshwarri S. K.

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