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Infosys recovered from our first target at Rs 1,065 recorded last Monday. The short-term trend in the stock is sideways and it can move within the range between Rs 1,100 and Rs 1,200 for a few more trading sessions.

Presence of the 50-day moving average at Rs 1,200 makes it an important short-term resistance. A firm close beyond this level will take the stock to Rs 1,300.

The medium-term trend in Infosys continues to be down. Key medium-term resistance is at Rs 1,300 and the stock needs to clear this level to pave the way for a rally to Rs 1,450.

As we have been reiterating, Infosys has strong long-term support in the band between Rs 950 and Rs 1,100.

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