As IT sector, already had it's much-awaited bull run this year. If already invested in NSE:INFY, then with the Q2 2018 results you can exit or short at around 720 levels for a target of 590 odd levels.
Must start accumulating it from around 590 levels and buy on every dip from there.
Note: Also it formed a Bearish Engulfing on a monthly time frame
Next week, Result.
Immediate target :700-720
Infy broken the long term trading channel. If result isgood, it will catch up the old channel.
Other wise more down side expected below 670.
INFOSYS IS SELL FOR TARGETS OF 590-550.
1. IT IS AT A UPPER DIAGONAL OF A RISING WEDGE (BEARISH PATTERN).
2. 5TH WAVE OF DOMINANT WAVE IS COMPLETED. NOW CORRECTIVE WAVES WILL START.
STOPLOSS: "ABOVE SWING HIGH OR AS PER RISK BEARING CAPACITY"
Infosys has been in a rising channel for long time and has stalled the rally for now.
Stock is now sideways with the 748 being a resistance and 703 range is a support.
Where will it go?
OCT 16 earnings will decide the trend for Infosys and other tech stocks
Symmetrical Triangle: Waiting for either a breakout or breakdown either side, once done, 33 points movement expected.
Though I expect a breakout, taking the stock to 780 levels as in the weekly charts it has given a breakout in the channel.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views...
INFY NEXT MOVE KEEP WATCH HAPPY TRADING....
The information contained in this presentation is solely for educational purposes. Does do not constitute investment advice. I may or I may not take the trade.
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Renko, supertrend & Aroon combo gave a bullish signal on NSE:INFY. Interestingly this is also confirmed by MACD 'BUY' Signal (not shown in this carts).
Buy above 1189 for a Target of 1220(T1), 1236(T2) & 1258(T3).