After a move from 250 to 300 levels, now Wipro seems to be consolidating for another big move.
As of now prices are moving in channel form. Breakout in any direction will give us entry reason and could give some handsome profit.
I see a positive bias in Wipro because there is a huge OI built up in 290 PE so this will act as a strong support for the stock.
And also there is no considerable OI built up on the CE side. But there is a considerable amount of OI built up at 300 CE. Also it is just start of the month so we cannot completely rely on the Option chain.
I'm expecting an upward move till 300 levels in Wipro. Only further Price action can confirm this.
As of now prices are moving in channel form. Breakout in any direction will give us entry reason and could give some handsome profit.
I see a positive bias in Wipro because there is a huge OI built up in 290 PE so this will act as a strong support for the stock.
And also there is no considerable OI built up on the CE side. But there is a considerable amount of OI built up at 300 CE. Also it is just start of the month so we cannot completely rely on the Option chain.
I'm expecting an upward move till 300 levels in Wipro. Only further Price action can confirm this.
Comment:
Wipro just broke the support. Will see further where the price moves