Analysis of INFY suggests a promising buy opportunity following its recent correction phase. After a notable recovery from 1351 to 1733, the stock experienced a corrective ABC wave pattern, consolidating near its support zone. This consolidation, coupled with a 50% retracement of its last swing, indicates a potential completion of the correction phase. With quarterly numbers looming, there's anticipation for a rebound.
Should the current support hold, INFY is poised for a recovery. However, failure to maintain support may lead to a descent towards the extended supply zone between 1448 and 1412. Nevertheless, a swift rebound is expected thereafter, targeting levels of 1805 to 1865.
Considering these factors, we recommend initiating a buy position at the current level, with further accumulation between 1448 and 1412. Our suggested stop-loss is set at 1375, with initial targets at 1805 to 1865.
Disclaimer: The information provided is based on technical analysis and is for educational purposes only. It does not constitute financial advice. Trading in stocks involves risks, and individuals should conduct their own research or consult with a qualified financial advisor before making any investment decisions. We do not take any responsibility for potential losses incurred from trading based on this analysis.
Should the current support hold, INFY is poised for a recovery. However, failure to maintain support may lead to a descent towards the extended supply zone between 1448 and 1412. Nevertheless, a swift rebound is expected thereafter, targeting levels of 1805 to 1865.
Considering these factors, we recommend initiating a buy position at the current level, with further accumulation between 1448 and 1412. Our suggested stop-loss is set at 1375, with initial targets at 1805 to 1865.
Disclaimer: The information provided is based on technical analysis and is for educational purposes only. It does not constitute financial advice. Trading in stocks involves risks, and individuals should conduct their own research or consult with a qualified financial advisor before making any investment decisions. We do not take any responsibility for potential losses incurred from trading based on this analysis.