HCL - INFOSYS - (A TECHNICAL VIEW)

Bulls favourits from software sector, HCL - Infosys took a high of Rs. 618/50 and from there it has been falling till this fall was arrested on 19th April,1999 at Rs. 413/50. From, this bottom it bounced back to the freezing rate of that day i.e Rs. 466/85. Technically, if this level of Rs. 413/50 is not breached in the next three trading session, then HCL - Infosys is in for a good rise.

In the first go the Bulls took this scrip to Rs. 489/70 and from here it entered the correction at Rs. 448/-, it is again o the rising trend. The first level of resistence which HCL- Infosys is going to face is Rs. 518/-. Not breaching of this level shall indicate the next fall to be quite miserable. And breaking of this level should take this scrip towards Rs. 547/50; the next level of resistence. A fall from here also would make this scrip quite weak. Crossover of this level should make it aim for Rs. 579/-. Beyond this level of resistence, it is strong. The Bulls will have to keep HCL- Infosys above the price of Rs. 579 to keep it bullish, or it will start falling in the grip of Bears.

Rakesh Bedi is a Technical Analyst (Stocks & Shares)