INFOSYS LTD
Open—1515--High—1524--Low—1481.30--Close—1487.55 on 28.2.2023.
Support: /1482.45/1446.50/1410/1399.25/1367/1355/1311/1244/1231/1186/1051/986.
Resistance: 1496.35/1507.40/1508.20/1514/1532.65/1564/1575/1613/1619.75/1631.35/1655/1672/1691/1709/1735/1757/1788/1809/1848/1914/1923/1953.90.
(Bold and
underlined figures are most important)
FOR TRADERS
The overall technical setup is weak
and it is into deep corrective mode as it is way below its threshold point of 1613 and most importantly it is into
bear market territory as it is below its threshold point of 1564, furthermore it is also below its
two critical points of 1514 & 1508.20(valid
for 2023) which is concerning and can drag it down further from here.
Please note that sustained break below 1355
may witness an accelerated fall. Therefore for safe trader’s long trade
should be avoided till it moves above 1564
and sustain on the closing basis, please note that it will pick up strong up
momentum only once it sustains above 1613
on the closing basis. However aggressive traders can try long trade if it moves
above 1514 and sustain on the
closing basis with a stop loss of 1490 or
going down at important support points (see
the support level mentioned above) with self defined stop losses for
pullback gains. Since it is in corrective mode therefore sell on the rise or
sell on the price breakdown strategy should be adopted till it moves above 1564 and sustain on the closing basis
or till it gives visible sign of correction completion.
FOR
INVESTOR
Kindly note that it is a high
pedigree stock and one can get these types of stock cheaper only when they are
technically weak. It is therefore suggested to accumulate the stock in a
staggered manner on every deep decline day with time horizon of 3-5 years for decent gains. Moving down
the good buying points could be at 1446---1402---1355---1268---1200---1061---850---798.
For example one can initiate buying with 5%
of the designated investment amount for the stock in the range of 1446---1402, 10% amount near 1355 and
so on; it is suggested to increase the buying % on a very steep decline. It is important to mention here that as
of now the range of 1230—1200 seems
to be the worst price range for the stock on decline, but if it break 1200 and sustain then it could come
down to 950 or much lower ,which may
please be noted. Therefore it is suggested to structure your investment with due
caution.
NOTE: - It is a technical assessment
of the stock as of now, the technical interpretation changes with the price
movement and time; therefore it needs periodic updating, which may please be
noted.
Disclaimer:-The view expressed here are solely of the author and he is
not at all responsible in any way for the outcome of the trade you enter based
on the above view.
Kindly
note that make your cost your stop loss in favorable trade
and then trail it as the price move up/down to gain maximum profit and avoid
losses. Use support and resistance levels as entry, exit, target and trailing
stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot
market.
Contact me for strategic guidance to enter and exit trade.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
