infosys before quarterly result is exactly in mid of its resistance(1040) and support(902) i.e 968
it will be interesting to see whether stock will give a breakdown or breakout.
as seen in quarterly charts infy
INFY
is still in long term uptrend and formed two hammer after a fall consecutively from 2 quarter which indicates at 900 level there strong demand .
also in past we can see price going up after hammer formation.
so based on past assumption and current scenario technically we can say that any price fall till 900 can be used for buying this stock.
also one fact to be consider entire IT stocks are trading at their lifetime lowest p.e multiple which in themselves suggest a value buy at this level maybe this was the reason we have seen management coming forward and going for a buyback in almost all it biggies.
so to sumup at end view is positive ,slight positive guidance can cause a big upside
(any closing below 900 level can see a decent downside)
trades buy for 1200 cmp 968 sl 940
( sell below 940 sl 960 target860)
it will be interesting to see whether stock will give a breakdown or breakout.
INFY
is still in long term uptrend and formed two hammer after a fall consecutively from 2 quarter which indicates at 900 level there strong demand . also in past we can see price going up after hammer formation.
so based on past assumption and current scenario technically we can say that any price fall till 900 can be used for buying this stock.
also one fact to be consider entire IT stocks are trading at their lifetime lowest p.e multiple which in themselves suggest a value buy at this level maybe this was the reason we have seen management coming forward and going for a buyback in almost all it biggies.
so to sumup at end view is positive ,slight positive guidance can cause a big upside
(any closing below 900 level can see a decent downside)
trades buy for 1200 cmp 968 sl 940
( sell below 940 sl 960 target860)
Comment:
ignore shorts.
KA