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Infosys (₹2,258.9)
After testing a significant support at around ₹2,200, the stock reversed higher last week; it advanced almost 2 per cent. It can now move sideways in the band between ₹2,200 and ₹2,325 for a while. Indicators in the daily chart are showing mixed signals. An emphatic breakout on either side of the sideways range is required to determine the stock’s short-term outlook. A strong upward breakthrough of ₹2,325 will have bullish implications and take the stock higher to ₹2,400 and ₹2,500 in the medium term. On the other hand, an emphatic fall below ₹2,200 can drag the stock down to ₹2,100. But, to mitigate the short-term uptrend, the stock needs to break this level for a decline to ₹2,000 and ₹1,900. Investors with medium-term perspective can hold the stock with a stop-loss at ₹1,850. Traders with a short-term stance should tread with caution.
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