Infy - Correction phase?

22 Jun 2020

Infosys has seen a correction and a recovery. During the recovery phase, we also observe that the third Elliott impulse wave has been completed and the corrective waves have started. The last 2 weeks has seen a consolidation in the stock with a couple of attempts to both break above and below the consolidation. The counter is now seeing some exhaustion and any break below the consolidation rectangle can lead to a 40-50 point dip towards the 650 zone. There is bearish RSI divergence and MACD crossunder too. All indicators are bearish. Will need a good trigger to push the stock up. Else, will drift to lower levels.