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Infosys recorded a steep rally on Friday. This spurt has helped the stock end the week with a 7 per cent gain. A morning star candlestick pattern is evident in the weekly chart, implying a medium term reversal. However, the presence of the long term averages in the zone between Rs 1,750 and Rs 1,950 makes this a formidable resistance area. Long-term investors should wait for the stock to move past Rs 2,000 before contemplating fresh purchases.

The short-term outlook is, however, positive and the stock can move higher to Rs 1,780 or Rs 1,820 next week. Traders should watch out for downward reversal from Rs 1,780.

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