NSE:INFY Observations: 1) On 1 day time frame, we can see that now it closed above 50DMA [1699.30] as well as 1700 critical level.
Which is a good sign. Downside breakdown of it, may result in profit booking.
Please refer below chart : 1day Time Frame.
2) On 1 hour time frame, for short duration we can see rounding bottom pattern in formation. Neckline is at 1730 level. If it opens gap up above neckline and test 1730 level and takes support from it then it will give bullish move. But if it breaks down then it have immediate support at 1700 level.
Please refer below chart : 1hour Time Frame.
We can also see the critical resistance range of 1730-1740. Above this range it will be bullish.
------------------------------------- For positional buy trade safe buy will be above 1740 level only. Short to Mid term target will be 1850-1880 level. Keep SL as per your convenience. -------------------------------------
Trade Setup for Date 14-10-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
880 and 870 will work as critical support. Breakout of 900 will give up move.
I am not sure about fundamental of this company. So not sure if it is a good stock to be in portfolio or not. But technically it is a good breakout. I can see target of 960, 980 and 1000 in coming short period. It may come to test 850 / 860 level to make it as strong support. If you want you can buy 50% of stock at CMP and add another 50% of stock when it takes support from 850/860 level.
This is my personal view only. It is not any trade recommendation.