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Infosys was yet another pivotal that resisted the selling pressure to close the week on a positive note. But the stock did test our medium term target at Rs 1,211 before staging a reversal. Infosys appears to have completed the move that began in October 2007 last week. However, it needs to record a firm close above Rs 1,600 before fresh purchases can be initiated, with a short-term perspective.

The medium-term outlook for the stock will turn positive only if it moves past the 200-day moving average at Rs 1,850. Supports for the week would be at Rs 1,210 and then Rs 1,110. Long term investors can start nibbling near these levels.

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