Infosys, country’s second-biggest software exporter, is scheduled to report its first quarter earnings on Friday, July 12. Analysts expect the company to retain its 6-10 per cent US Dollar revenue growth guidance for FY2014.
So how should one trade Infosys and what is the outlook for the counter?
Check out the trading strategies with Ranak Merchant, technical Analyst - Strategies at Sushil Financial Services for Infosys and other front-line stocks.
Smartinvestor : Markets firmed up in trades today after series of volatile session. How are you approaching markets in such a scenario?
Ranak Merchant : Yes indeed markets have turned volatile and the same is expected to continue. Key levels to be watched for in terms of Nifty spot would be 5883 for a breakout and 5778 for a breakdown. As markets hovering in and around these levels, sustenance on closing basis remains crucial.
Smartinvestor : Bank Nifty has been under pressure in last few weeks, how are you approaching the bank index and largecap names like State Bank of India ( SBI )?
Ranak Merchant : Bank Nifty has been unable to break above an important resistance point of 11803. 10888 - 11000 zone offers some support, it being a Fibonacci retracement level. Uptrend to unfold only above the said resistance of 11803. For SBI the stock may be in the process of a longer term bottom formation and weakness can be used to accumulate the stock for investment purpose.
Smartinvestor : Do you have any trading strategy on Infosys ahead of its results later this week?
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