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Infosys moved sideways last week in line with our expectation.

Despite the slight wobble on Monday, it recovered from the low at Rs 1,161 and went on to 11 per cent weekly gain. The stock has now moved close to the upper boundary of our short-term range between Rs 1,150 and Rs 1,350.

A strong close above Rs 1,420 will take the stock towards Rs 1,500 or Rs 1,600 in the near-term.

There is a strong resistance band between Rs 1,500 and Rs 1,600 and the medium-term view will turn positive only on a close above Rs 1,600.

As we have been reiterating, Infosys has key long-term support at Rs 1,100 where it can form a sustainable trough.

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