ICICI Direct's research report on Infosys
Derivatives & Quantitative Outlook
In the current market scenario, we have seen stocks from the underperforming space witnessing sharp upsides in the last couple of weeks as the Nifty has moved towards its March high of 10200. We believe a round of profit booking can be expected in such stocks while stocks from technology may start witnessing fresh buying once again. Technology heavyweight Infosys has been hovering around | 700 for a while. Now, it is likely to witness fresh upsides on the back of continued formation of long positions. The open interest in Infosys has been gradually rising since the March series. From just over 30 million shares seen in mid-March, the current OI in the stock is closer to 48 million shares. Meanwhile, the stock has moved from | 550 levels to | 700 levels by the May series. After a round of consolidation, it seems it is moving higher once again. Considering long positions remaining intact, we believe a further up move is expected.
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