Quant Pick - Infosys: ICICI Direct

In the current market scenario, we have seen stocks from under performing sectors witnessing sharp upsides while performing spaces like technology took a breather. We believe that after a round of profit booking, technology stocks will resume their uptrend. Infosys has been hovering around Rs 900 levels for a while. Now, it is likely to witness upsides on the back of fresh formation of long positions.

The open interest in Infosys has been gradually declining in the last couple of weeks as the stock surpassed its major resistance of Rs 840 in July post its quarterly results. Since then, short covering has propelled the stock towards Rs 975. The stock started the September series with almost six month’s low open interest. We believe it will attract fresh long additions from here onwards and is well placed to move above Rs 1000.

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Infosys - 03092020-icici