NIFTY - The "INFY"errno

17 апр. 2023 г.

The markets closed most unwanted area of the bulls. The VWAP supply zone, weekend notwithstanding. Despite TCS negative show, it appears in hindsight the onus was not so bad INFY numbers and outstanding HDFC numbers. The domination of news is always exciting to observe. It is not the news, but reaction to the news that drives the markets always. While INFY numbers are very negative going by the ADR price action down 11% that is going to drag the NIFTY big time. The Inferno starts. HDFC posts magical numbers, but market might focus on the QnQ, but then there is less devil there. Broader markets are mixed while rotation story spin continues. The huge rally of last 10 days appears to have lost some energy and thus the focus is on profit taking and short term contra-directional move. 17850 caps while 17650 attracts kind off? We will have to wait and see. Suffice to say 17700 is one near term attraction where bulls resolve will be tested. The bigger concern is, any close below 17750 to post powerful evening star pattern near vital area, and possible top of the Left Head. Thus, caution to the bulls. Stay short, again 30 Min high plus 20 points is the stop for the trade.