Infosys reversed lower from an intra week peak at Rs 1,325. Ten-day rate of change oscillator has declined in to the bearish zone after prolonged negative divergence. But the stock has supports at Rs 1,220 and Rs 1,160.
Reversal from either of these levels would be the cue for short-term investors to initiate fresh long positions. Break-out above Rs 1300 will pave the way for a surge to Rs 1,460. We retain the medium-term range between Rs 1,060 and Rs 1,400 for Infosys.
The stock has strong medium-term resistance between Rs 1,400 and Rs 1,500 and the medium-term view will turn positive only if this zone is surpassed.