Info Edge recently exhibited a breakout from a descending triangle pattern with notable momentum and trading volume. The stock is currently taking a resistance near 4300. A successful break of this zone has the potential to generate further momentum.
Disclaimer: Please note that we are not registered advisors and the views expressed here are solely personal opinions. We strongly recommend consulting with your financial advisors before making any investment decisions. We like everybody else, have the right to be wrong.:)
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4500 is an acting psychological resistance. We wait and watch :)
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As discussed, 4500 is an acting psychological resistance. Price seems to consolidate at this level testing it about 5 times already. Although, long upper wicks are not good signals. This proves, the Market is a paradox. So, We wait and watch.
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🚀🚀🚀
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Boom 🚀🚀🚀
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And 12% In !! The 5000 level will be a determining factor for further up move.
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And we see a rejection psychological level. The reason why booking profits based on relevant levels is a good thing.
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Bad results : Info Edge Q1 revenue rises 14% to Rs 676 crore, net profit down 50% amid weak IT sector hiring
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Update: For us, the determined support zone will be 4175. A break and close below it will create uncertainty. This outlook is purely as a swing trader and not as an Investor.
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The Price bounced from the support zone.
Trade closed: stop reached
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We are out. The EXIT criteria were fulfilled. As we booked part profits around 5000 levels, We came out almost breakeven.
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Our SL criteria was triggered so we were out but the outcome came in really good.
@SwingGun, Thank you for your input. We appreciate your comment 🙌. Would you like to explain the pointers that lead to this conclusion? We all might learn something 😊
SwingGun
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low volume, large spread in options, basically being trading by a few
TheChartereds
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@SwingGun, So basically, It is just the "Low Volume" that makes the entire price action illegitimate? The volumes have been well above the moving average since the analysis was posted. When the price consolidates, the volume goes down. You may check our analysis on Berger Paints. You will see that the volumes had no extraordinary spikes, still, it gave 20%+ in a short span. Mere volume cannot be considered a defining factor.
SwingGun
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Large option spread shows inactivity or dishonest premiums. See Goldman Sachs target for this scrip. It's certainly not a buy, even if not a sell.
RanjanKishlay
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what next ? aur girega ya bhagega ? today 4% down
TheChartereds
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@RanjanKishlay, The Quarterly results were bad. For us, the determined support zone will be 4175. A break and close below it will create uncertainty. This outlook is purely as a swing trader and not as an Investor.
SwingGun
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@RanjanKishlay Fully manipulated stock with no retail holding. Do not buy. It can go to 7000, it can go to 3000, depending on most positions. Not a swing trade, because premium spread is too much to square off.
It's not a liquid asset to hold. Surely you understand the concept of liquidity.