{"id":3042,"date":"2013-07-15T10:12:42","date_gmt":"2013-07-15T04:42:42","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=3042"},"modified":"2019-06-06T19:50:40","modified_gmt":"2019-06-06T14:20:40","slug":"infosys-time-to-take-some-profits","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/infosys-time-to-take-some-profits\/3042","title":{"rendered":"Infosys: Time To Take Some Profit"},"content":{"rendered":"<p style=\"text-align: justify;\">The stock market participants seem to be happy with the June quarter earnings of the IT major &#8211; Infosys Technologies. This was reflected in the 12% gain in the stock price on Friday. Let&#8217;s have a look at the technical picture. Kindly direct your attention to the weekly chart of Infosys featured below.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/07\/Infy-weekly.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3043\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/07\/Infy-weekly.png\" alt=\"Infy weekly\" width=\"1340\" height=\"588\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2013\/07\/Infy-weekly.png 1340w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2013\/07\/Infy-weekly-300x131.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2013\/07\/Infy-weekly-1024x449.png 1024w\" sizes=\"(max-width: 1340px) 100vw, 1340px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">It is evident that the stock has been confined to the Rs.2,170 &#8211; 3,000 range for over two years. There is a huge unfilled gap at Rs.2,915 on April 11. This gap is likely to act as an immediate resistance.\u00a0 Just above this, the stock has the upper end of the trading range of Rs.3,000 to contend with.<\/p>\n<p style=\"text-align: justify;\">While the rally on Friday was impressive, we sense that this provides and opportunity to scale down exposures in Infosys. Unless the the major resistance at Rs.3,000 is cleared, we could see the stock stuck in this broad trading range of Rs.2,170-3,000.<\/p>\n<p style=\"text-align: justify;\">Along with the red down-sloping trendline highlighted in the chart above, the centreline of the blue pitchfork is another barrier for the stock to contend with.<\/p>\n<p style=\"text-align: justify;\">Given this backdrop, we would suggest profit-taking \/ reducing exposures. Fresh buying may be considered near the lower end of the trading range or after the breakout past the Rs.3,000-level.<\/p>\n<p style=\"text-align: justify;\">(The view mentioned here is based on Technical Analysis of historical stock price action. Please read the <a href=\"https:\/\/www.fundsindia.com\/blog\/disclaimer\" target=\"_blank\" rel=\"noopener\"><strong>Disclaimer<\/strong><\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stock market participants seem to be happy with the June quarter earnings of the IT major &#8211; Infosys Technologies. This was reflected in the 12% gain in the stock price on Friday. Let&#8217;s have a look at the technical picture. Kindly direct your attention to the weekly chart of Infosys featured below. It is [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[109,89],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Infosys: Time To Take Some Profit<\/title>\n<meta name=\"description\" content=\"Infosys has been in the news after the company repotted better than expected earnings on Friday. 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