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Infosys spent the first part of the week in a sideways movement before breaking out in the later half. The targets of the third wave from the Rs 1,212 trough, assuming that it is a flat correction, are Rs 1,774 and then Rs 1,953. In other words, fresh longs can be initiated on a firm move beyond Rs 1,800 with the target at Rs 1,953.

From the intermediate term perspective too, the levels at Rs 1,830 and Rs 1,970 are important since they lie at the 50 and 61.8 per cent retracement of the fall from February 2007 peak. Move beyond Rs 2,000 would indicate that the stock has finally shaken off the bearish phase and could cruise towards Rs 2,500 mark again.

— Lokeshwarri S.K.

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