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Infosys gapped up last Monday and valiantly struggled to retain this gain until the end of the week. But the fact that the stock could not stage a ‘V’ shaped reversal reflects the high level of scepticism in this counter.

Though Infosys can attempt to move higher to Rs 1,670 next week, it is not expected to make much headway beyond this level.

A reversal from Rs 1,670 will mean that the stock would move down to the Rs 1,500 level once again. Fresh purchases should be made only if the stock moves past Rs 1,670. The stock needs to move beyond Rs 2,000 to mitigate the negative outlook for the long-term.

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