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Infosys moved in an extremely narrow band last week, closing below the key resistance at Rs 1,750. But the near-term outlook is now turning positive. An ascending triangle is obvious in the daily chart and the stock has also closed just above its long-term moving averages. A move higher to Rs 1,800 and then Rs 1,876 is possible in the near-term. Supports for the week would be at Rs 1,650 and then Rs 1,580. Short-term traders can buy in declines with a stop at Rs 1,635.

The third part of the move that began from the March trough at Rs 1,301 can take the stock higher towards Rs 2,000 again. The positive medium-term view will be negated only on a close below Rs 1,500.

— Lokeshwarri S.K.

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