INFY chart analysis for 8TH MAR 2021 [Instructions below]READ THIS: Less than 05% of the analysis has failed so far. I am posting 10 a day. You can check the history.
1. Check the levels and analysis.
2. If you are new, trade in low quantity or trade with virtual currency.
3. Don't trade immediately on a breakout or a breakdown. Let the price retest the level. Then let it give a confirmation candle. Only then trade.
If the conditions are not fulfilled, it is not a breakout. It is a fakeout.
3. If (or when) the stock moves 25% to 50% in our direction, start booking partial profits. This is very important as the stocks, a lot of times, show a reversal.
3. After the day ends, come back and play back the candlesticks, if you haven't traded. Check if the levels hold.
4. Hit that like button and comment if you find the analysis is holding.
INFY
INFOSYS GAME OVER ???Shooting Star On Monthly Time Frame.
Best Selling Zone 1330-1340, Strict SL - 1400 (Monthly Closing Basis)
If Infosys Breaks & Close Above 1400 Level On Weekly Time Frame In 1st Or 2nd Week Of This Month Than Maintain SL On Weekly Closing Basis.
If Infosys Breaks & Close Above 1400 Level On Weekly Time Frame In 3rd Week Of This Month Than Maintain SL On Monthly Closing Basis.
Target - 10-20-30%
Infosys Ltd- Hourly Time frame- Things may go South before NorthInfy is a "Short" in the smaller i.e. Hourly/15m timeframes and undoubtedly a "Long" in higher TFs.
It seems to have completed (or about to complete) an Impulse 5 move up which is a part of wave 1 of one larger degree which is in-turn a part of wave 3 of the largest degree, if you understand what this means. (Since strangely Trading View doesn't allow you to post 2 charts together, unless you are a premium subscriber, I am unable to post the higher TF charts. You could message me, should you need a copy of the same to be emailed)
Cheers !!
Note : This view would be invalidated if the price crosses 1330 (61.8% ret) with force.
INFY Indraday analysis Entry : 1296.50
Stop Loss : 1289.50
Target : 1304 / 1310
The analysis is based on simple price action only. Entry point given are valid if the resistance / support breaks convincingly. For that learning candlesticks psychology is a must one.
Note : Don't jump in to the trade once market reach the entry level, most of the time will get better entry and that gives better reward. And always trial stop loss to take full target..
Breakout in Daily Charts*NSE Cash study
Infy did try very hard to cross the 20 day EMA yesterday and did too but couldn't hold. Nearing the end of the day, IT stocks took a beating and so did the market.
Now, looking at the charts today, RSI held above 50 and so did the trend on the daily charts. I see a strong support at 1290 levels so we can go long with a stop-loss below 1290 for targets of 1350 and 1380 or even 1390+.
fresh buy or add quantity heretrade based on >>>
cup & handle neckline break
buy near 1290-94
for targets - 1305, 1314, 1325
stop 1275
deeper stop 1262
note :- since risk:reward not that favorable - so trade with caution
below attached previous infy chart for reference
disclaimer - for study purpose