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Infosys remained insulated from the wild gyrations of the Indian stock markets last week; moving in a sedate sideways band between Rs 1,525 and Rs 1,615.

As we have been reiterating, the zone between Rs 1,500 and Rs 1,550 is a key medium term support level. Penetration of this zone will result in a decline to Rs 1,413 and the Rs 1,300.

The sideways move so far appears to be a temporary halt before the stock resumes its down move.

However fresh short positions are advised only on a close below Rs 1,500.

The near term resistance level for the stock are at Rs 1,700 and then Rs 1,820. Fresh long positions are advised only on a close above the second resistance.

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