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Infosys slid past the near term support at Rs 1,400 last Wednesday. The immediate target for the stock is the January 22 trough at Rs 1,212 and below that the stock could seek the support at Rs 1,122. The preferred scenario for Infosys for the next few months is a sideways move between Rs 1,200 and Rs 1,700 which can act as a base from which the stock can launch its next up-move.

Resistance levels in the week ahead would be at Rs 1,450 and then Rs 1,550. Fresh short positions can be initiated if the stock fails to move above the first resistance. The near-term outlook will turn positive only once the stock moves past the second resistance.

— Lokeshwarri S. K.

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