Infosys

Infy is looking solid on charts ahead of its quarterly results due on 12-Oct-2015. Infy is trading in a narrow range from 1050 to 1115 from last one month. Instead of going down with the market it has shown a lot of resilience and now trying to break out from that range. Today it moved above that level but failed to close because of bad market conditions. Targets of that range break out could be 1180. At the same time the stock is also showing a continuation wedge pattern targets of that pattern are around 1220.

On hourly charts Infy is also tried to fill the gap of 1122 and 1138. However, unable to close above that level. All these patterns make the stock bullish for short term.The stock can be bought with a stop loss of 1045 for targets of 1135-1185-1200.

Disclosure: I am holding this stock in cash with a 1000put of october as a hedge.