Infosys has target of Rs 2950: Jitendra Panda

Infosys has target of Rs 2950, says Jitendra Panda, Capital First Securities.

Panda told CNBC-TV18, "In Infosys for the last five trading days we have seen around 5% fall from those Rs 2,800  levels and today it has gone up and around 12 percent increase in Open Interest (OI). So that certainly is looking like people are betting that things could be better; Rs 2800 could be the worst what has happened."
He further added, "We are looking for Option buying which has started two days back. If you see Option prices on the Call side were much higher compared to the Put. The Implied Volatilities (IV) were indicating on the upper side, which has happened today. We believe that Rs 2,950 could be the target where we could see on the upper side and any breakout above those levels only could accentuate further. So Infosys is showing good amount of OI add on the long side." Disclosure: Stock discussed are recommended to our clients. They have positions in the stocks.