Update 13th November 12.20 PM - Trail stop losses for the trade below 675-670 levels (crucial daily supports)
Update... 31 Oct 10.45 AM.... First Target almost achieved near 690... Book Partial profits and trail stoploss...
Update... 31 Oct 10.45 AM.... First Target almost achieved near 690... Book Partial profits and trail stoploss...
Cheers...
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Hi All,
First of all, wish you all a very Happy Diwali and a prosperous New Year...
As you all might be aware, due to the whistle blower news regarding the Infosys, the stock has plummeted by more than 15% and currently trade near 640 levels.
What would happen to the stock?, Will these complaints turn out to be true regarding bad practices to forge numbers?, Will this become another Satyam Computers?... All these are the general questions which you see floating in the media.
Fundamentally, what would happen, honestly, I am not the best person to answer. However would like to present a technical observation...
After falling nearly by 15 to 20%, stock has sharply bounced back yesterday and closed around 650, after creating a low near 615 levels. In this bargain, the stock has created a bullish separating line looking alike formation, near a monthly support area. Also, Daily RSI looks hugely oversold near 21 mark. Though, this may not be a full stop for these allegations (as the same are being verified yet) which might have long term repercussions, I personally feel, traders have a low risk opportunity to go long right now with a strict stop loss below 598 levels with targets near 690-740-770-800.... However, a conservative entry should be initiated above 657-58
Infy currently trades around 644 with immediate supports near 640-630 (crucial), 615 and finally 597
Cheers!
Hrishi
First of all, wish you all a very Happy Diwali and a prosperous New Year...
As you all might be aware, due to the whistle blower news regarding the Infosys, the stock has plummeted by more than 15% and currently trade near 640 levels.
What would happen to the stock?, Will these complaints turn out to be true regarding bad practices to forge numbers?, Will this become another Satyam Computers?... All these are the general questions which you see floating in the media.
Fundamentally, what would happen, honestly, I am not the best person to answer. However would like to present a technical observation...
After falling nearly by 15 to 20%, stock has sharply bounced back yesterday and closed around 650, after creating a low near 615 levels. In this bargain, the stock has created a bullish separating line looking alike formation, near a monthly support area. Also, Daily RSI looks hugely oversold near 21 mark. Though, this may not be a full stop for these allegations (as the same are being verified yet) which might have long term repercussions, I personally feel, traders have a low risk opportunity to go long right now with a strict stop loss below 598 levels with targets near 690-740-770-800.... However, a conservative entry should be initiated above 657-58
Infy currently trades around 644 with immediate supports near 640-630 (crucial), 615 and finally 597
Cheers!
Hrishi
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