Infy has retraced upto 61.8% of leading dagonal wave 1 or wave A of an Zigzag or an new impulse.Today's low as of now is 1332 and 61.8% retracement level of wave A/1 is @ 1325 along multiple price support.If this is a start of wave C than price can go upto 1472(.618 extention of wave A/1-1566 1.1 extention of wave A/1)or till 1718 in case of wave 3 of an impulse.Get long @ cmp of 1358 with a stop loss of 1320 and tgt of 1472-1556-1718.
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@MarketsMonk, please suggest changes,i wud more than happy to learn and correct myself
Kakerot
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infy announced 175 0buyback in it industry stocks usually reach that mark about 2 -3 months so making longs here is great risk to reward in the panic-filled market. what do you think about buying call option of 1400 of this month or next month?
karthikbaskar83
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@Kakerot its just not the buyback alone. quality blue chip stock that u can bet.. I'm buying accumulating on dips for a very long term
UNDERDOG-29
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@karthikbaskar83, actually count that i have shown over here is not for very long term however if the pattern turns out to be impulsive than you can hold for longer period.Personally i think IT is one such sector where you can stay bullish for eternity.I mean just look around where we were before 10 years and where we are right now.Information Technology has immense future as we are yet to see AI functioning at full scale.If not for IT we wouldn't be exchanging our thoughts on this platform
UNDERDOG-29
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@Kakerot, yes buyback does have bullish impact on stocks price but betting on options is risky as premium has time value.If it keeps on consolidating than you might loss big money even though market is moving in your favour.instead buy stock in equity and keep adding at lower levels.I think money management is most important aspect of earning returns in stock markets.