Infosys - Quant Pick - ICICI Securities

Recommendation

Buy Infosys in the range of Rs. 690-720
Target: Rs. 840
Stop Loss: Rs. 630
Time frame: Three months

Derivatives & Quantitative Outlook

In the current market scenario, we have seen stocks from the underperforming space witnessing sharp upsides in the last couple of weeks as the Nifty has moved towards its March high of 10200. We believe a round of profit booking can be expected in such stocks while stocks from technology may start witnessing fresh buying once again. Technology heavyweight Infosys has been hovering around Rs. 700 for a while. Now, it is likely to witness fresh upsides on the back of continued formation of long positions.

The open interest in Infosys has been gradually rising since the March series. From just over 30 million shares seen in mid-March, the current OI in the stock is closer to 48 million shares. Meanwhile, the stock has moved from Rs. 550 levels to Rs. 700 levels by the May series. After a round of consolidation, it seems it is moving higher once again. Considering long positions remaining intact, we believe a further up move is expected.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Infosys_Jun20.pdf

Shares of INFOSYS LTD. was last trading in BSE at Rs.720.55 as compared to the previous close of Rs. 703.75. The total number of shares traded during the day was 922283 in over 13253 trades.

The stock hit an intraday high of Rs. 725.65 and intraday low of 704.4. The net turnover during the day was Rs. 664857329.

Source : Equity Bulls

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