Buy Infosys in range of Rs. 915-935
Target: Rs. 1090
Stop Loss: Rs. 840
Time frame: Three months
Derivatives & Quantitative Outlook
In the current market scenario, we have seen stocks from underperforming sectors witnessing sharp upsides while performing spaces like technology took a breather. We believe that after a round of profit booking, technology stocks will resume their uptrend. Infosys has been hovering around Rs. 900 levels for a while. Now, it is likely to witness upsides on the back of fresh formation of long positions.
The open interest in Infosys has been gradually declining in the last couple of weeks as the stock surpassed its major resistance of Rs. 840 in July post its quarterly results. Since then, short covering has propelled the stock towards Rs. 975. The stock started the September series with almost six month's low open interest. We believe it will attract fresh long additions from here onwards and is well placed to move above Rs. 1000.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Infosys_Sep20.pdf
Shares of INFOSYS LTD. was last trading in BSE at Rs.919.25 as compared to the previous close of Rs. 935.4. The total number of shares traded during the day was 165556 in over 5650 trades.
The stock hit an intraday high of Rs. 929.5 and intraday low of 915.55. The net turnover during the day was Rs. 152617775.