Wipro Ltd. is in an uptrend since March 2020. The counter got into a consolidation of 3 months since January 2021. The consolidation has a slightly descending slope making it like a channel. The consolidation got an upward breakout on a weekly candle for the week starting on 12th April and ending on 16th April. This weekly candle closed at Rs.469.20. I anticipate the first price target of Rs.500 and the second price target of Rs.600. I suggest the stop loss at the price level of Rs.457 for the first for weekly candles. Thereafter the profit booking/ exit decision should be based on a downward crossover of 26 EMA by 5 EMA.
NOTE: This idea is an attempt to predict future price movement. Investment decision, based on this idea, should be at the sole risk of the investor.
NOTE: This idea is an attempt to predict future price movement. Investment decision, based on this idea, should be at the sole risk of the investor.