We never know whether the support is taken & infy revives to upside or not, only after it happens we will know that. But our trade plan is if at all the support breaks lets try short on Infy towards 930's
Triangle breakout - downside : so obviously short positions in Infy. There is a wick pierce our of triangle , I feel that's just market makers who took stops of retail traders while going bearish but we can't say for sure also. Anyway look for further downmoves unless it(IT) is debugged !
Infosys has reported a 3.44% increase in consolidated sales from the same quarter last year. The sentiment around Infosys is highly positive with reports estimating a possible high of over 1300+ over the next 12 months. The stock is definitely a hold atleast for the next few months and considerable profits could be expected.
We are looking at a 8 year Nifty IT chart
Lets see what the chart is trying to tell us...
- Between 2009 to 2015 the price has risen from 1933 levels to 12908 levels
- Since Jan 2009 till March 2015 the index has been making higher top higher bottom
- It is only after March 2015 that the index is seen making lower top lower bottom on a regular basis
Infosys is been under lot of pressure lately. The double top has formed and it is close to it support levels at 950. The A/D indicator does not confirm the sharp move seen in the stock and the RSI is also close to 40.
Recommend to watch this stock next few trading sessions.
Long if it moves firmly above support levels with high volumes. Target 1040.
Short if it...
Infosys done a double bottom out and need some sort of news to start the next bull run.
If by any chance, price came down to 950 or lower, just a BLIND BUY for long term without any stop loss.
If it goes up and breaks 1040, buy for long term with SL of 1000.
Infosys is in a very bullish area after a long time. It bounced off the good support near 1010 level. Buy if it breaks the above trendline.
If infosys breaks the support, let it retest the resistance at 1010 before shorting it with a target near 960 level