Hope you understand.Wish you a happy Sunday
In previous connecting parts mentioned below- we made 150-175 points in all
As per last update - It was suggested that we will plan to buy in the zone 992-997- Infy came close to the desired zone -opened with gap down & made a low@1000 on 3rd March2017. As per the trading strategy in the update - "Bang On!-Falling Exactly from 1030's-early in wave 4..." Moved in line & gave a push from 1000 to 1034 day's high- isn't that amazing!
Comment section-previous update
Hi @anantindia, Hope my comment helped you in planning your Infy trade- suggested to look for zone 992-997 & moving above 1000 - shall be an opportunity to buy.
Recent move from 1000 to 1034 in the last session -could be part of the ongoing correction & we will be interested to buy only above X-factor 1040 next - if sustains (sustains mean crossing 1040 & not holding 1034 is not good to hold buying for short term trade)
In the next session, if Infy enters 1025-1027 zone back from 1030-1035 & starts falling below 1025 that could be short term sell but only for risky traders who can take risk of 8-10's stop above 1035 post going below 1025-1027 zone- in this scenario -it can likely retest 1000 & below but keeping intact our key support 986.
If the key support 986 is intact & you see price retesting the zone 990-995 that could be used again as buying opportunity for the target 1027-1030 zone.
You would love to read my previous updates
Infy - Double Power - Bottoms & Trendlines- Can it hold?- Part 1
Infosys- 900 Sikka Chal Gaya! What Next?- Part 2
Infosys- Bang On! Falling exactly from 1030's- Part 3
Key Zone 1030-135 is where Infy struggling as per scenario- 2 suggested above - early it was gap down opening at 1027 & travelled to 1019 lows.
Going below 1025-1027 --Scenario 2 gets activated earlier - now we change to 1019 -current day's low for taking sell call for targets close to 1000 or buying above 1040 as per Scenario-1.
Safe Traders -They Take sell below 1019 & trail their stop loss to cost once it starts moving below 1015 &
Risky Traders - should put stops above 1035 & take sell once it goes below 1025- We we will book in between 1012-1014 zone if holds & if leaks below 1010 then moves further down close 995-1000 zone.
Again it shall open gap down close to 1022
The move from 1000 to 1035-1036 zone surely looks choppy so as I said we shall consider any buying only above 1040- X factor
Yesterday also it gap down & pushed above 1035- 1036 zone
Today again opened gap down so likely if this gap holds on top then it heads close to 1000 or can dip below 1000 to 992-997 zone.
Trying to fill the gap -now if it starts trading below 1020 & holds down, then most likely it dips below 1014 which is day low.
Stops have to be 1040 + some pips more above if sell taken in the present situation.
We are half way through the fall & if it moves above 1015 then likely lock the partial profits & sustaining below 1014 -we will look to hold.
Next support could be close to 1000.
Finally falling through 1000-
If Infy falls below 1000 then we shall be looking for 992-995 as profit booking zone, but as if now we are trailing stops at 1026.50.
We are closing the short call at current price@1010 as likely it can push up next
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ