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The future of Infosys at 2800

20/3/2013

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Infosys Daily Technical Chart with Supports & Resistances
Given that the IT index & IT stocks are some of the only few market majors that have truly contributed in moving the Nifty up over the past 12-16 months, the question arises now that will these stocks still move up and perform in the coming months. Let's take a look at the charts of Infosys to answer this.
The up-move in Infosys began explosively and moved towards it's major resistance at 2920. Stocks that explode into rallies can be highly rewarding but also very risky, entries should only be taken upon consolidation or upon break of an important resistance. The up-move made a top at 3010 & then the stock moved below the important level of 2920. Looking at the stock's charts now 2828 is a minor support which will turn into a resistance once it's broken. Major supports lie at 2700 and 2580, these are the only real supports for the stock.
Investors that have purchased the stock on the rally should exit only on the break of 2580 which is the major resistance & re-enter if and only if the stock moves above 2920 conclusively with the same as a stop loss on a daily closing basis. Investors that are looking to enter the stock presently should look for consolidation at around 2700 & buy into the stock at these prices with a stop loss of 2580. If the stock does not approach 2700 and moves back up then investors should only enter above 2920 with the same as a stop loss as discussed above.
We have so far seen a very reluctant rally in the broader indices over the last 12-18 months, so we suggest extreme caution with investments. The intermediate trend in downwards & volatile but the long term upward trend is still holding.
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Nifty - Today's Levels

14/3/2013

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Market crashes 55 points (1%) in 45 minutes... a couple of hours later recovers all of it & is +40 points now. All of this already and the WPI numbers are still not out yet! We predicted that this zone will be very choppy... but surprisingly also as predicted the bias still holds unless 5856 is broken on a daily closing basis.
Today's a very interesting day...

Today's Levels -
5910 as intraday resistance
*5901 & 5969 as swing/positional resistance
5846 & 5805 as intraday supports
*5856 as support on closing basis - Swing/Positional


Attend our workshops & expand your horizons - http://www.bluemetalmoney.com/workshops.html
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Nifty, Bank Nifty & Stocks like Reliance, Hero Motocorp and many more. Discussing market trend & crucial levels.

8/3/2013

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Ravi Chandra Ghattamaneni Co-Founder Blue Metal Money on HMTV talking about Nifty, Bank Nifty & Stocks like Reliance, Hero Motocorp and many more. Discussing market trend & crucial levels.

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