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Infosys reversed downward from an intra-week peak at Rs 1,875. The near-term trend is currently down and the daily oscillators are moving down from the overbought region. The stock can move lower to Rs 1,700 or Rs 1,650 in the near-term.

Short term traders should divest their long positions if the stock declines below the second support since the next short term target would be at Rs 1,520.

As indicated last week, the stock faces key intermediate term resistance at Rs 1,830 and then Rs 1,970. A reversal below these levels would mean that the long-term down trend has resumed, that can pull the stock lower towards Rs 1,300 once again.

— Lokeshwarri S.K.

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