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Infosys achieved our near-term target of Rs 1,301 and reversed on Wednesday. As explained earlier, 50 per cent retracement of the structural up-trend from April 2003 is at Rs 1,376. The on-going correction can halt at this level. But a decline below Rs 1,300 will drag the stock towards 61.8 per cent retracement level that is at Rs 1,212 or even lower to Rs 1,125. Weekly oscillators are portending a decline below Rs 1,300 in the medium-term. Investors should hold the stock with a stop at Rs 1,110.

Supports for the week would be at Rs 1,300 and then Rs 1,212. Resistances would be encountered at Rs 1,500 and then Rs 1,610. Fresh longs should be initiated only if the stock records a firm close above Rs 1,500.

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