Infotec Enterprises had touched a high of 449.90 during February 2007. It has fallen since then and made a low of 175.95 on March 18, 2008. The stock has achieved a bullish breakout with a full upward gap yesterday after the formation of a bullish inverse head and shoulder pattern. The next resistance for the stock is at 335 while the technical target works out to 404.
We can see a classic "double bottom" formation in the daily chart of Polaris. The stock has fallen terribly from a high of 237.25 on February 6, 2007 to a low of 62 on January 22, 2008. This low has remained intact so far. The volume leading upto the first peak indicates early accumulation while low volumes towards second trough typically occurs in the double bottom pattern. The stock did breakout yesterday with good volume. While one may expect the stock to test the previous resistance at 141.25, a weekly close above it may target around 222 which will be the resistance considering weekly chart.
Wipro's all-time high of 691 was achieved during February 2007. Recently it touched a low of 324 on January 22, 2008. Since then, a bullish inverse head and shoulder pattern has been formed. The bullish breakout from this chart pattern was achieved yesterday with good volume which confirms the pattern. The stock is expected to test its previous highs at 525 and 552. The technical target is estimated to be 572.