INFY
We saw on 14-10-2021, after gap up opening and initial 15min trade, it started falling down with profit booking.
We observe that money rotation goes from IT sector to BANK and BANKNIFTY made new ATH.
And FII were net buyers and becasue of it HDFC and HDFCBank shot up.
Observations:
1) On 1 day time frame, we can see good thing is that it took support from 50DMA which is placed at 1700.51 level.
1700 level will be now very critical support level. Sustainable breakdown of 1700 level will lead it to more profit booking.
But overall trend is positive for INFY. One who are holding equity can continue holding it.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date 18-10-2021:
Most of the levels will remains the same as per previous setup.
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
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