Action:
Infy is a bellweather of the Indian stock market. This IT outsourcing company ADR has been in a decline, since last year, recently it broke the downtrend and the pattern formed has been a bullish inv hns formation.
Furthermore, the breakout of the resistance couple of days back has been on strong volume. We would like to see a couple of days of some more consolidation before another leg up.
Guess:
The pattern action on this stock is extremely bullish. However, the stochs are overbought. While we would like all indicators in our favor before going in for a dive, this is a fun trade for us and a bet on the Indian sensex. We think the stock has legs upto the 52 region, which would be a 10% trade. We would like to buy this stock in the 46 region and keep a stop around 45 or so.
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