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It was a disappointing show by Infosys last week and the stock was unable to move beyond Rs 1,300; tumbling to Rs 1,121 instead. Immediate support for the stock is at Rs 1,100 and below at Rs 1,050. But as we have been reiterating, the stock has key long-term support at Rs 1,100 and the current sideways move could be a consolidation before the stock launches its next long-term upmove. Long-term investors need not fret as long as it holds above Rs 950.

Though the short-term trend is down, there can be a sharp rebound from the support at Rs 1,100 and the stock can move higher to Rs 1,300 again. But this uptrend will sustain only if the stock manages to surpass the 50-day moving average positioned at Rs 1,300.

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