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Infosys surged 2.7 per cent on Friday, trimming its weekly loss to 2.5 per cent. The stock continues to test its significant support at around ₹2,200 following a blip. A decisive downward breakthrough of the key support at ₹2,200 is required to strengthen the bearish momentum and pull the stock down to ₹2,100. To decisively reverse the short-term uptrend that has been in place over the past three months, the stock needs to plunge to levels below ₹2,100 to reach ₹2,000 and then ₹1,900 levels. We reiterate that investors with a medium-term horizon can hold the stock with a stop-loss at ₹1,850. But traders with a short-term view should tread with caution as the stock may continue to remain choppy. An emphatic breakthrough of the key resistance at ₹2,325 will have bullish implications and push the stock northwards to ₹2,400 and ₹2,500 in the medium term.
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