Hi guys,
The long on Infratel is based on various reasons:
1) At a crucial support juncture and showing signs of a good reversal
2) It's now in wave B of the corrective waves which is an up-wave here, thereby we can expect a small but a good upside
3) Telecom companies all seem pretty bullish (for eg: Airtel, Tata Comm both performed really well today)
4) No untoward news in Infratel right now
Based on the Elliott, can expect an upmove till 218-224 range and then a good long downfall in wave 5.
Not the most perfect Elliott if we consider all the rules/statistics to be considered (for eg divergence in leading indicators between wave 3 and wave 4) but overall a pretty strong setup.
The long on Infratel is based on various reasons:
1) At a crucial support juncture and showing signs of a good reversal
2) It's now in wave B of the corrective waves which is an up-wave here, thereby we can expect a small but a good upside
3) Telecom companies all seem pretty bullish (for eg: Airtel, Tata Comm both performed really well today)
4) No untoward news in Infratel right now
Based on the Elliott, can expect an upmove till 218-224 range and then a good long downfall in wave 5.
Not the most perfect Elliott if we consider all the rules/statistics to be considered (for eg divergence in leading indicators between wave 3 and wave 4) but overall a pretty strong setup.
One reason I see here is the news of Google investing in Reliance hurt the entire telecom sector apart from Jio obviously and which brought down Idea, Airtel, Tata Comm and Infratel as well. Invalid, will update on what further to do in Infratel.