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Infosys reversed from the resistance at Rs 1,680 and fell to Rs 1,475 as anticipated in our previous column.

The swiftness of the fall last week implies that the upward move from the Rs 1,212 low was yet another dead-cat bounce. Infosys needs to rally past Rs 1,680 before the negative intermediate term outlook can be revised. A fall to Rs 1,212 or even Rs 1,122 seems imminent in the medium term.

The immediate support for the stock is at Rs 1,400. Traders should liquidate their long positions if this level is penetrated since the next target would be Rs 1,212. Resistances in the week ahead would be at Rs 1,570 and then Rs 1,690.

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