InfyCorrection is in place as mentioned in the last post. Better not to go short. Wisdom says have patience, let correction be over. Correction due to profit booking does not mean that TREND has changed.
INFY trade ideas
Infy, ResistanceI published this chart last night saying that I shall wait for consolidation or correction to enter long. Time to be watchful It will take some time.
InfyThis what a breakout does after a long consolidation. Covered this quite often. It is a case of multiple breakouts. Now I shall wait for correction or consolidation to enter into a fresh position. At this moment profit booking can happen any time. I said that it is a great thing in the making.
Infy, ResistanceA Negative Divergence is seen at the resistance zone created by bears at 1300 Call strike (highest OI for current series as well as next series). Profit booking. Please refer to my previous post on the same stock. It may go the same way as Reliance. All corrections will be watched closely as buying opportunities.
Infy, Double TopDouble Top in the making. Resistance at 1307, the high of 3.6.16. Crossing this level and holding above will be a BIG breakout taking price to very high level. Great thing in the making. It does not mean that there wont be corrections or consolidations.
InfyThis support base if protected, price can make one more up-move. The IT major is in good shape. When Murthy removed Vishal Sikka, a lot of media (nonsense!) shouted against Murthy. Today Sikka is in big trouble due to his involvement in data theft. Look at the chart. Charts speak well. Not media.
Infy, SupportA small base is being formed price coming down from top due to profit booking (no change in trend). Holding onto this support, price can rise again. This may take little time. Support at 1200 is crucial.
Infy, BreakoutBreakout and now 1311-16 is the challenge. A pullback towards 1212-20 will give an opportunity to renter long position. Mood is upbeat.
INFY Coming In Supply ZoneInfy has shown good rally since march of this year, But now price is coming in strong weekly supply zone which was formed in June 2016. 1270-1280 is strong sellers zone. I am expecting to correct the price in this zone.
Infy, BreakoutHow does a breakout stock works? I have been posting this chart repeatedly -- at all steps and developments. I also said that a pullback towards breakout level is possible. 1200 was protected for several days. Now today one more small breakout has taken place above the small consolidation done for 9-10 days.
Infy, BreakoutI contended earlier that on many occasions price may pull back towards the breakout level. For last four sessions price took support above 1200 and this could not be broken. Chart study takes time and patience.
Infy, BreakoutI wrote in the previous post that sometimes price pulls back towards the breakout zone in case of a breakout. This may happen here. We may think of going long when price reaches to breakout level keeping a strict SL.
Infy, BreakoutPrice broke out. This is quite a significant happening in the technical study of the chart of a stock. Price consolidated for about six months. Breakout means traders see some good value in the stock and they are ready to pay a higher price. However, what could be the probable target in near term? The distance of the consolidation is 100 points approximately. This is the ideal target. However, we can take out profit even if we can get 50 points. Note again that if the price can defend the breakout level (sometimes price retraces towards breakout level) it can make significant upside.
InfyConsolidation and yesterday bulled made a faild attempt to breakout. There is one more pattern-- Ascending Triangle. It means bulled are closing up to give a breakout. It also means that price fluctuations are reducing by day.
Infy, ConsolidationOne more ettempt by bulls to take the price beyond resistance level. 1205 is a strong resistance zone where bears are sitting tight.
Infy, ResistanceAs mentioned in the earlier post, Infy faces long-held resistance at 1205 and returning. Now it may take support at 50 DMA which is 1159. Consolidating in an uptrend for quite sometime.
Infy, ConsolidationPrice again at the resistance level, this is decisive. Now it may give a breakout or go back to support level.
Infy, CTContracting Triangles (CT) are difficult to trade. In this case there is formation of CT in the recent past and price oved upside. This time will the same be repeated? Let us wait and watch.
Infy, ConsolidationInfy is in consolidation mode and at the moment it is caught between 1178 and 1207. If price can close above 1207, it can be a breakout. Else price can again come down to 1178 seeking support. Larger trend is up.
