Investment Pick!Wipro was trading in a downward channel and it has given breakout this week. Now we can assume the up move in the stock. Wipro is IT gaint and overall IT sector is looking good after Nasdaq has given a double bottom breakout few weeks earlier. Hence I am really optimistic about whole IT sector. All the IT stocks have taken very good beating and a good amount of correction is visible in all the IT stocks in spite of good results.
CMP - 401 (26/5/23)
T - 450, 480 W
SL - 370 W
WIT trade ideas
Wipro @ Supply Zone + ResistanceObservations::
----->> It is near its resistance.
previously a strong fall is observed here, a strong fall happens before day,
but price is again showing bullish pressure, price may reach again 408, 413 zone,
keep track this for continue or reversal.
Keep on buyside for the target of 402,405.
WIPROhere are the levels for Wipro to trade for tomorrow intraday. can take both the trades if the price price breaks the trendline and closes above the resistance then we can take the long side entry and if the price breaks the support and on the retest we can take the short side trade.
DISCLAIMER: This is my own analysis and you do your own analysis before you take any trade and I am not SEBI registered and contact your financial adviser before taking any trades .I am not responsible for your profit or loss. This is only for educational purpose and learning.
comment below if you have any doubts.
WiproMost of the price action views for a stock are reliable and here on the chart of Wipro; formation of Triple Bottom Pattern clearly depicting a new signal and will provide a good opportunity after its reversal from price of 377. Whereas new orders will arise at 400 witha target of 60points and the booton of the pattern will be a stoploss for the trade.
Thank you.
Hope you like my view.
Symetrical triangle A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend, while a breakout from the upper trendline indicates the start of a new bullish trend. The pattern is also known as a wedge chart pattern
Buy Wiproabove 391 target 394.90, 399 sl 389.45