INFOSYS : MILLION DOLLAR STOCK TO KEEP AN EYE FOR MED TERM HOLDOne of the Most Prestigious Brand of Country Infosys Ltd a high Value stock to be kept on radar for next two or maximum trading sessions. The stock is near its 52 Week low and at Support level of the Channel it is respecting since April 2022.
CMP is 1389.20 and after rising from the demand Zone , it was moving in a range and then declined sharply today. However, price invalidation can be seen in today's trading as the fall in price is not in proportional to the Volume. Must be an affect of Weekly Expiry or affect of the news Infosys was into today. I believe it is just retesting the support at 1365.80 and will bounce back from the Demand Zone.
RSI : 40.05 ( Low ) is also indicating a buy signal.
We must enter the trade after retesting of the support is completed and we see a buying signal. Thus ,the stop loss will be the least i.e. support @ 1365.80 and the long term target would be the Supply Zone which is @ 1663.50
Kindly refer to the Chart for various analysis along with Targets and Stop Loss . I will update the idea once the stock retests the support and indicates buy Signal. However, the above analysis is not for actual trade. It is only of educational purpose . Please carry out your analysis on this idea and trade at your own risk. Do not forget ,
STOP LOSS IS MUST !!!
Good Luck !!!
