Hi All,
View on Infy -
Surprisingly after giving a death cross on weekly chart (-ve crossover of 50 and 200 period moving averages) Infy rallied up by almost 13% and is currently trading near 2625-30 levels, thanks to the quarterly results.
On a weekly chart its is currently trading near a crucial resistance area of 2630-2655.
However, after such a strong positive opening going short as of now is not at all advisable....
The strategy for Infy can be book part profits of already long and wait for a new trade as per further developments.
Levels to watch out for medium term -
Resistances - 2650-2740-2840-2930-3000
Supports - 2600-2550-2470-2375-2300-2240
Regards
Hrishi
View on Infy -
Surprisingly after giving a death cross on weekly chart (-ve crossover of 50 and 200 period moving averages) Infy rallied up by almost 13% and is currently trading near 2625-30 levels, thanks to the quarterly results.
On a weekly chart its is currently trading near a crucial resistance area of 2630-2655.
However, after such a strong positive opening going short as of now is not at all advisable....
The strategy for Infy can be book part profits of already long and wait for a new trade as per further developments.
Levels to watch out for medium term -
Resistances - 2650-2740-2840-2930-3000
Supports - 2600-2550-2470-2375-2300-2240
Regards
Hrishi
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