Thursday, 6 November 2008

Infosys has resistance at Rs 1500-1600: S Agarwal

Sanjeev Agarwal, equity-head of Globe Capital Market is of the view that Infosys has resistance at Rs 1500-1600.

Agarwal told CNBC-TV18, "Infosys is trying to make a bottom somewhere around Rs 1,000 and it has been an underperformer in this move also. What I see is a very strong resistance of Rs 1500 to Rs 1600. One can start taking some exposure at the lower end at around Rs 1100 because the worst has been priced in that share and if you see the whole IT pack is now in a process of bottoming out. So even rupee weakness has actually not helped this time IT pack but over a period of time this sector is bottoming out and you should be seeing an upside of around 20% or 30% in the next move."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.