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Infosys Technical analysis-Price action breaks the low

Infosys Technical analysis-Price action breaks the low

Look at chart of Infosys – based on Daily time frame

  • Infosys fell to its lowest level since July 20 when it was at Rs 1,001.90. As we can notice, the Selloff began with FT around 1,185.00. DP key level at 1,100.00, provided a temporary support to Bulls on October which later became a line in the sand. November provided the First break at 1,100.

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  • Infosys has retained its annual revenue of 10-12% for FY12 and expects to return back to the industry growth rate only in FY17. Infosys Chief Operating Officer at an investor call said that there were few challenges the company was facing with the long holiday period in the month of December putting pressure on the business momentum.

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  • Multiple Gaps show Bearish structure. The recent break at 1,050.00 needs clear Price action bias to offer further direction and trading opportunity. My anticipation is that – Gaps will be filled with a Minor Pullback, which might give a selling Opportunity at the High around 1100-1080 zone. Look for Price action at marked zones. Stay in track with this asset, as it might be a great opportunity for swing traders.

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