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Infosys declined to the lower boundary of the expected trading range, at Rs 1,850 last week. The stock will face resistance at Rs 1,937 and then Rs 2,020 next week.

Failure to move beyond the first resistance would be a cue for short-term traders to initiate fresh short positions. In that event, the stock is likely to decline to Rs 1,780 or Rs 1,700.

However, the medium-term view for the stock would turn negative only on a close below Rs 1,700.

The presence of both the long-term averages at this level would ensure a strong support in this area. The weekly oscillators too continue to be in the bullish region indicating that the medium-term view on this counter stays positive.

— Lokeshwarri S. K.

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