INFOSYS


Update at 10:30

1. There is still no breakout from the triangle.
2. Reason for choosing this stock is, price is below the previous day's low, which may lead to potential downward rally.



Update as on 11:15 :

We can observe that price is struggling to break outside the triangle but it is neither going near the black line inside the triangle. So at this point, I am still expecting downward rally. But even if it breaks outside the triangle, I am not going to enter until it crosses the support line plotted above which is at 1437.30 as I need additional confirmation that the price will go further down.


Update as on 12:15:

1. Both of the conditions that I set this for trade is satisfied i.e it should not only breakout from the triangle but also the support line I spotted, hence making an entry at 1436.50 with 170 qty
2. Target will be 1393 i.e by second support line for now, if any changes, it will be updated further.
3. Stop loss for now is few points below the black line inside the triangle i.e 1464.50
4. Since the price is below the previous day's low, then it can be considered as an additional confirmation for the potential downtrend rally.


Update as on 2:50 :

1. We can observe that at 12:35 new low formed at 1424.95 and price went beyond that forming new low at 1:35 i.e. 1419.55, but since then, price is struggling to go below, indicating strong support by buyers.
2. If huge bullish candle forms indicating strong position by buyers then I will be making an exit instead of waiting for stop loss to be hit as it is important to change my targets as there is only less time left.


Update as on 3 pm :

1. Like I mentioned earlier, If big bullish candle forms then I am going to exit, and in the above case, it can be observed that, a big green candle formed engulfing the previous few candles and this signal can not be ignored. It is also important that we have logic for every entry, exit or for changing targets, then even if we make loss it is fine, but it is necessary that we do not do anything blindly.
2. Profit - (1425 - 1436.50) * 170 = 1955