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Pre-earning jitters appears to have pulled Infosys lower last week, resulting in a 4 per cent decline.

The stock is moving in the band between Rs 1,400 and Rs 1,550 over the past three weeks. Short-term traders can buy the stock close to Rs 1,400 with a stop at Rs 1,390. A reversal from here can propel the stock towards Rs 1,566 or even Rs 1,648.

But the stock faces key medium term resistance at Rs 1,550.

Failure to move above this level will result in a slide lower towards Rs 1,302 or Rs 1,150 over the medium-term. Swing traders can initiate fresh short positions if the stock fails to surpass Rs 1,550 next week, with a stop at Rs 1,570.

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