Below Rs 2850, Infosys may slip to Rs 2650: IIFL

Below Rs 2850, Infosys Technologies may slip to Rs 2650, says Amit Harchekar, Sr Technical Analyst -CMT, India Private Client, IIFL.

Harchekar told CNBC-TV18, "If you look at the medium term chart of Infosys Technologies, it is forming classic head and shoulder top. What it suggests is that by any means if the stock trades below Rs 2,850 then we might see stock heading towards Rs 2,650."
He further added, "As of now there is good amount of support seen in the range of Rs 2,880 to Rs 2,950. I expect there would be a pull back towards Rs 3,150 where one should be booking profits if he is building long positions at current levels."
The company's trailing 12-month (TTM) EPS was at Rs 112.22 per share. (Mar, 2011). The stock's price-to-earnings (P/E) ratio was 25.83. The latest book value of the company is Rs 496.02 per share. At current value, the price-to-book value of the company was 5.84. The dividend yield of the company was 0.86%.