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Infosys moved sideways in a narrow range between Rs 1,820 and Rs 1,920 last week. But the medium-term up trend that is in motion since the trough formed in March is still going strong.

This up trend will be threatened only on a firm close below the 200-day moving average at Rs 1,700. As we have been reiterating, the stock faces strong medium-term resistance around Rs 1,950 and investors should watch their step till this level is crossed.

However, in the near-term, Infosys can slide lower to Rs 1,780. Fresh short positions can be initiated on a breach of this level as the next target would be Rs 1,700. Resistances in the week ahead would be at Rs 1,918 and then Rs 1,970.

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