Wipro building the buy momentum

πŸ“ˆ Weekly Stock Picks: WIPRO - Week Starting 4th September, 2023 πŸ“ˆ

πŸ’‘ Rationale for Selection:

πŸ“Š Technical Analysis:
  • Parabolic SAR: Currently showing a sell signal, but the stock has rebounded. πŸ“‰βž‘οΈπŸ“ˆ
  • Fibonacci Levels: Bounced back from near the 0.618 levels and surpassed the 0.5 levels. Indicates a trend reversal. πŸ”„
  • MACD: Expected bottom-up crossover; MACD line (1.3) expected to cross Signal line (2.32) confirming a bullish bias. πŸ“ˆ
  • Stochastics & RSI: K=23.18, D=9.03, showing the stock has reached oversold territory and is in a position to bounce back. πŸ“ˆ
  • Percentage R and Fisher 9: Indicate an uptrend is likely in the next 1-2 trading sessions. πŸ“ˆ

πŸ“° Market Indicators:
A surge in IT stocks recently. πŸ“ˆ
Mutual funds are showing increasing interest in IT stocks, expecting a boom. 🀝

🎯 Trade Parameters:
🟒 Entry Price: β‚Ή416.25 (0.382 Fibonacci Levels)
🎯 Target Price: β‚Ή422.20
πŸ”΄ Stop Loss: β‚Ή41.75

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πŸ“‹ Disclaimers and Disclosures:
Risk: Investing in stocks is subject to market risk. Please consult your financial advisor before making any investment decisions. The information provided is only for the education purpose and should not be considered as an investment advice or as stock recommendation. You are requested to take due diligence on your own accord and consult financial advisor, research analyst or a broker before acting on any information on it. We do not confirm any validity or correctness of the information and might change our viewpoint on the stock anytime, as per our discretion and research.
Disclosure: This analysis is purely based on technical indicators and market trends as of 1st September 2023. Past performance is not indicative of future results.
Conflicts of Interest: We may or may not have any vested interest in Wipro Limited as of the date of this report.
Trade closed: target reached:
Target has been reached, so you can close the Position and exit


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