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Infosys was choppy yet again last week and closed on flat note. The stock has formed another spinning top candlestick pattern in the weekly chart, indicating indecisiveness. It trades just above a key support level at ₹1,900, which provides some cushion.
Indicators in the daily chart are showing signs of positive divergence, suggesting a possible trend reversal. Short-term traders should be cautious. The stock moves in a sideways band between ₹1,900 and ₹2,000.
A decisive rally above ₹2,000 will indicate bullish momentum and take the stock northwards to ₹2,150 and ₹2,250 levels in the short term.
On the other hand, a strong fall below ₹1,900 can accelerate the downtrend and pull the stock down to ₹1,800 and then to ₹1,700 levels.
Investors with a medium-term view should desist from trading in the stock.
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