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Infosys reversed from an intra-week high of Rs 1,660 last week belying the strength in the current up-trend. The near term support for the stock exists at Rs 1,500 and then at Rs 1,400. A reversal above the second support would provide short-term buying opportunity in the stock.

However, we remain circumspect on the stock’s medium-term prospects. It needs to move past Rs 1,700 to make the intermediate trend positive. Reversal below this level signifies that the bears continue to hold sway in this counter and they can pull the stock down towards Rs 1,200 again. Investors ought to wait for a close above Rs 1,850 before purchasing the stock.

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