joenysh

Channel & level breakout in Wipro. Entry:360 SL:355 TGT:370/375

Long
NSE:WIPRO   WIPRO LTD

Wipro has been consolidating since mid October and it is the stocks 2nd attempt to break 360. The previous attempt to break 360, which was was about 5 trading sessions ago, failed because of non-supportive market conditions. But in this attempt Wipro has made a bounce from its 20 DMA yesterday after breaking it intraday and Wipro has generally respected these levels. Given the previous failed attempt I would wait until 360 has been crossed.

The targets are positional and not for intraday.
Trade active: It is still promising and is good to enter. Stop loss is now strict and at 355. May have to exit at cost if the move is lagging and the breakout does not arrive.
Trade closed: stop reached: Stop Loss hit. The trend was not sustainable. Sell on rise & buy on dips is the strategy right now. Buy at 350 levels and sell around 360-362.