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Infosys (₹2,251.7)
Last week, the stock continued to test its key resistance at ₹2,300 and fell 1.8 per cent. The short-term uptrend is weakening. The indicators in the daily chart are displaying mixed signals. Short-term traders should be cautious. A decisive upward breakout of ₹2,300 can take the stock to ₹2,400 and ₹2,500 in the medium term. A strong fall below the immediate support at ₹2,200 will strengthen the bearish momentum and pull the stock down to ₹2,100. To alter the short-term uptrend, the stock needs to emphatically breach ₹2,100, which can take it to ₹2,000 and ₹1,900 in the ensuing weeks. Medium-term investors can stay invested with a stop-loss at ₹1,850. An emphatic fall below ₹1,850 will mar the medium-term uptrend and pull the stock down to ₹1,700.
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