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Infosys adhered to our script very closely; reversing from the resistance zone between Rs 1700 and 1750 to decline to Rs 1580.

The third leg of the short-term up trend from the July 24 trough appears to have commenced at Rs 1583 last week.

This wave has the targets at Rs 1737 and then Rs 1830.

In other words, the stock continues to face resistance from the long-term moving average around Rs 1750.

Traders ought to stay watchful with their long positions until this level is surpassed.

Reversal from the support at Rs 1550 is however a positive from a medium-term perspective.

The third leg of the up-move from the March trough at Rs 1301 can take it back to Rs 2000.

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