Today Infosys was down 10% after announcing the results. Being an index heavy weight it contributed 50 points decline to Nifty which was down about 86 points.
Looking at the charts its all scary with big down candle and one of the biggest ever volumes in stock's history.
But one historical pattern stood well. Infosys reverses direction after the results. If the stock is rising then it declines and rises if it has been declining for last 1 month.
This particular pattern has been in play for last 3-4 quarters and was evident today also.
The stock for sure has strong supports at 2900 but this kind of strong candle can for sure has follow on effects for song time.
Also it has set a big resistance at 3300 levels which is the top of today's candle for quite long time.
Pls read Disclaimer.
Looking at the charts its all scary with big down candle and one of the biggest ever volumes in stock's history.
But one historical pattern stood well. Infosys reverses direction after the results. If the stock is rising then it declines and rises if it has been declining for last 1 month.
This particular pattern has been in play for last 3-4 quarters and was evident today also.
The stock for sure has strong supports at 2900 but this kind of strong candle can for sure has follow on effects for song time.
Also it has set a big resistance at 3300 levels which is the top of today's candle for quite long time.
Pls read Disclaimer.
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