Wipro @ 314.25 within a channel

Wipro is on an Uptrend for over an year since November 2016. It has been in small bouts of ups and downs, but all within the Channel. The returns since Nov 2016 is almost 50% returns. It is good to go upto 330. Move above 330 needs to be treaded carefully as that would be in one of the lifetime high area that was in 2000. Wipro is a good long term investment.

Stop Loss: 280 would be a strong support line. Its the gapup opening in Mid July that is still unfilled. Price has already taken support twice at that level. Any fall below that level could spell a short term downtrend.

Any bounce after a fall to the 280 levels should be used for accumulation.

Strategy: Its a Longterm Investment bet. One could ride the wave by buying and selling partially within the channel to reduce the cost of buying. Fall below 280 Levels will invalidate this strategy
Comment: SL 280 is also at 200 day EMA


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