Notes on the chart.
White pattern would fail above 993 and reddish below 969.
Its possible that the white pattern does not completes and the confirmation for that would be below 977. In that case only red pattern would be worth focusing. 970/975 would be the level to watch for buying opportunity.
If white pattern completes look for shorting opportunity near...
In my previous post this downtrend was anticipated quite far back See >>
Currently price is in the middle of the range (1015-921) specified in the above post, which is also around 61.8% retracement. Expect some pullback from this zone. But this pullback should be weaker and so far it is weak. Watch for price action before shorting. Any impulse on the upside...
INFY is on its centerline again. a reversal or breakdown zone.
Its been acting as a MID LINE for almost an year now, with priceaction above and below it in a sinewave.
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
Infy posted good Numbers but stock have strong resistance at level of 1000 so stock need to suistain above that if now then sell with sl 1015-1020 and tgt 975-950 in intraday also possible.
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 !
If the Nifty index closes aboce 10270 by the EOD, go long and keep targets and SL as per the chart.
Kindly suggest if you see any problem with the chart setup :)
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
Hence...
IT industry has been in a bearish tone forming lower high - lower low since Q2-2015. The industry is under pressure with margins and visas followed by blow of Rupee appreciation.
For short term, 9,880-9,900 stands to be crucial support. The reverse Bullish AB=CD around 9,900 at rising trend line indicates reversal on cards. As per time analysis, the previous rise...
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.
In this chart you can see that how fond is Infosys of the given range 1020-1040.
I have marked with rectangles on what happened. You can observe that it is a decisive range and price has always ( except for 1 consolidation ) followed the breakout direction in the following days.
The intensity of this range can also be felt by the multiple gaps and...
