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Infosys (₹2,233.3)
The stock of Infosys recorded a positive weekly close after two consecutive weeks of fall. The 2.8 per cent rally last week is signalling the beginning of a new leg of up move. The 21-week moving average at ₹2,153 has been providing strong support for the last three weeks, suggesting that the downside could be limited. Immediate support is at ₹2,212 and a rise to ₹2,275 looks likely this week. A strong break and a decisive close above ₹2,275 can take the stock to the next target of ₹3,330. Short-term traders can go long with a stop-loss at ₹2,205. Profits can be booked at ₹2,270. The outlook will turn negative only if it records a strong weekly close below ₹2,153. The ensuing targets on such a break will be ₹2,100 and ₹2,065. But such a fall looks less likely.
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