Target Price: Rs 2,020
Stop Loss: Rs 1,720
Stop Loss: Rs 1,720
Infosys has completed sub-wave 4, and sub-wave 5 has just begun, indicating a continuation of the impulsive move. The security has closed above the falling window, which also suggests bullishness. The declining volume during the fall indicated a retracement, while higher volume today signifies increased buyer interest.
The price is trading above both the 20-day EMA (Fast) and the 50-day EMA (Slow), with the EMAs trending upward, signaling a potential upward move. Additionally, the RSI, after a period of cooling off, is moving in a northern direction, supporting the price action.
(Kunal Kamble, Sr. Technical Research Analyst, Bonanza Portfolio)
