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Short

Wipro view

NSE:WIPRO   WIPRO
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Wipro            
Cmp 543.5

Will the stock give breakout on upside or fall back again...???

I will go with the odds of falling back over next couple of sessions
However probability will strengthen once it comes below the red line.

515 is the 1st target

568 on upside is my review zone whether to take it as Stop loss or consider to add more short position.

This is a positional play...


Currently I have gone for a conservative short position.

sold Wipro             550 Call option at 7.6.

Profit is limited to 9120 per lot (1200*7.6) but it also gives protection for rise up to 557.6 till expiry and time to adjust in case I'm wrong.

Will consider to add if the stock closes below 536.

Plan your trade accordingly...


Take care & safe trading...!!!
Trade closed manually: When we had posted our view on Wipro we mentioned level of 568 on the upside & 536 on the lower side being important level before we add further to our short position...

the stock made an exact high of 568 and we were lucky enough to add short positions right at the top and now despite bad news on IT sector the stock is holding on to 535 levels (again stock is respecting important level identified as per Technical Analysis well beforehand)...

Is the stock trying to tell us something...

Is it still not ready to go down further...

Booking profits in Short position should be considered

&

We will wait for confirmation from the stock to give fresh signals before initiating trade...

Till then Enjoy ur weekend

Take care & happy trading...!!!
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