Infosys Has Strong Support At Rs 1850, Says Rahul Mohindar
Rahul Mohindar of Viratechindia has suggested a support level for Infosys Technologies at Rs 1850.
Mohindar stated, “If one looks at the last five months data of Satyam, it more looks like a move from Rs 450 to more than Rs 500 levels. It has really been working itself within these levels, so we have not been very bullish. I think the investorsstocks like Satyam and I still think that there is still some pain in that stock. So there is possibly a visible downside of another 10% but I do not see too much more than that."
He further added, “If we look at Infosys, Rs 1850 is very big support. I would be pretty worried to see those levels being broken down. So, as yet, we have not yet seen the upbreakouts coming in for sure, which does not give us the comfort of buying at supports. We are not really getting the kind of volumes on those upsides, so I think it is more a wait and watch, limited downsides on the frontliners. I would not be a clear-cut short seller if you are looking at it from an F&O perspective but one needs to wait and watch and get it on the longer-term here."
Infosys Technologies is the India’s prime technology consulting business firm with functioning in over 15 countries. The top IT company supplies software development and engineering via its huge network of development centers in Asia as well as North America.
Additionally, it also offers systems integration, project management, data management, support, and maintenance services. Its Progeon subsidiary provides business process outsourcing (BPO) services and US-based Infosys Consulting provides strategic consulting.