Infosys results:
Stock continued to move by 7% to 10%
By Waves Strategy
Advisors (www.wavesstrategy.com)
Infosys result declared on 12th October 2012: Shares of Infosys after plunging over 8 per
cent during the day, shares of the company finally ended at Rs 2,395.65, down
5.36 per cent on the BSE. As per fundamental analysts Infosys continues to face
challenges with regards to holding on to pricing and margins…
From technical perspective we
applied basic channel techniques and Elliott wave counts to determine the path
ahead of this stock. We were bearish on this stock well before the results were
announced. The following excerpt is picked up from our daily research report
published before the market opened on 9th October…
The bottom line
we mentioned that, “In short, as long as prices move below the
resistance of 2540 levels our bias is negative and prices could head lower till
the next support of 2425 levels. Further, decisive move below this support will
increase the selling pressure and prices could move lower till 2350 levels”
Infosys 120 mins chart:
Published on 9th October 2012:
Infosys movement after results
announced (shown by circled area)
We can observe above in 120 mins chart, in the
last trading session prices sustained below the crucial resistance of 2565
levels and breached the upward moving blue channel on downside.
As per wave perspective, it seems that
previous up move from 2100 till 2650 levels was in the form of wave a or 1 and
prices are now correcting this impulsive up move.
In short, as long as prices
move below the resistance of 2540 levels our bias is negative and prices could
head lower till the next support of 2425 levels. Further, decisive move below
this support will increase the selling pressure and prices could move lower
till 2350 levels…. This is exactly what happened and stock closed at 2395 after
making a low of 2310 after results were announced…
Subscribe to the daily research report “The
Financial Waves Short term update” and see what charts tell us well before
the news is announced. For more information write to us at helpdesk@wavesstrategy.com
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