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Infosys moved in line with our expectation, achieving the first downward target at Rs 1700. But the 200 day moving average at that level has helped to kick-off yet another spurt higher that has the immediate targets at Rs 1,953 or Rs 1,972.

The zone around Rs 1,700 will be key short-term support for the stock. Short positions should be avoided as long as the stock trades above this support.

The targets for the third leg of the up-move from Rs 1,212 are Rs 1,774 and then Rs 1,953.

Caution is advised from a medium term perspective as Infosys nears the zone around Rs 1,950. If this level is surpassed, the next target is Rs 2,140.

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