If you have been living in a cave, then only you would have missed hundreds of stories and wall to wall coverage of Infosys. There has been unprecedented coverage but has it been of any help. It was hyped to a point:
"With Nilekani back in Infosys, stock should open 7-10% higher on Monday, say experts" ~ https://t.co/TbJrWlIksc
Is this a joke?
— Deepak Singh (@smarket) August 25, 2017
Forget 10% -Infosys is down 2 rupees since that time
Fact: Nothing has changed for Infosys. Infosys stock has been trying to hold levels of 900 for years now
While this discussion was happening: Wipro did something very interesting away from all the noise
What has changed for Wipro? pic.twitter.com/ZHje4Ao8bA
— Deepak Singh (@smarket) August 24, 2017
Wipro Chart formation was very bullish and I covered it ten days back
Wipro exhibiting strength even nowhttps://t.co/ZcrCL0KUH5
— Deepak Singh (@smarket) August 21, 2017
Here's how Wipro stock looks as of today: It's up 4% in last ten days
While Infosys is struggling to hold 900 levels, Wipro is already knocking a serious resistance point to break it and move higher.
Do yourself a favor. Just watch the market action. It will tell you want you need to know.
There is a reason large number of market participants follow Charts/Price Action because it communicates facts and point to new direction.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers