Dear All,
If you have a look on chart where Share Price had break it's major support at 3473 and closed at 3444. Now as per my analysis, this share will decline more towards 3300 level now where as it has a support at 3368 level but most likely it will break that level as well and reason are as below:-
Reason for such prediction -
#1) On RSI, it forms a Lower Highs and Lower Lows pattern which shows that next support for RSI is on 16% now, where as currently it is trading at 25%. If RSI needs to test it's support level at 16% then share price will have to decline up to 3300 levels.
#2) Exclusion of Bajaj Auto from BSE Sensex, where Wipro will replace it.
#3) Dip in Export Vehicle sales due to chip shortage problem.
Note - This Post is just for education purpose only, please do your analysis before taking any trade on my idea's.
If you have a look on chart where Share Price had break it's major support at 3473 and closed at 3444. Now as per my analysis, this share will decline more towards 3300 level now where as it has a support at 3368 level but most likely it will break that level as well and reason are as below:-
Reason for such prediction -
#1) On RSI, it forms a Lower Highs and Lower Lows pattern which shows that next support for RSI is on 16% now, where as currently it is trading at 25%. If RSI needs to test it's support level at 16% then share price will have to decline up to 3300 levels.
#2) Exclusion of Bajaj Auto from BSE Sensex, where Wipro will replace it.
#3) Dip in Export Vehicle sales due to chip shortage problem.
Note - This Post is just for education purpose only, please do your analysis before taking any trade on my idea's.