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Infosys moved precisely in line with our anticipation last week; reversing from an intra week high at Rs 1,770. A bearish dark cloud cover pattern is evident in the weekly candlestick chart.

The resistance area indicated last week — between Rs 1,750 and Rs 1,950 needs to be breached conclusively before the medium-term outlook for the stock can turn positive.

The stock has support at Rs 1,615 and then at Rs 1,500 next week. Fresh shorts can be initiated in rallies with a stop loss at Rs 1,800.

Failure of the recent up-trend indicates that the stock is likely to move down towards the long-term support at Rs 1,420.

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