Infosys Technologies; A dream run

Deepak Singh Tanwar

Infosys Technologies has had a dream run on the bourses. The first break-out was in December 1998 when it touched Rs 215. Within a period of less than one year, this rally took the stock upto Rs 853. The second technical break-out was at Rs 627 which took the stock upto Rs 1371. The third bull rally started when it made an entry into a fresh bull orbit at 1510 in December 1998. This rally lasted till the level of Rs 2613. The break-out for the final rally came when it reached the Rs 2750-level on February 25. After this level, the uptrend was alive till Rs 3450.

Now the latest closing of Rs 3457 should also be considered as an entry into a new bull territory. Since the stock would be in a least-resistance area from Monday, the upper target for the stock could be anything. But for the medium-term investors, the stock is safe until the level of Rs 3035. A fall below this level would be a sign of medium-term weakness.

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