virajmokadam

Wipro bearish for short term, accumulate for 15th April.

NSE:WIPRO   WIPRO LTD
1. Structure has changed to LH-LL for last 50 days but I still won't say this as bearish as last major buying area was 390-400 and its still not broken.
2. Price is below 50 DMA & below VWAP so looks like short term bearish .
3. Price is very near to good support 408/407, if this breaks then we can take a short trade till 400/399.
4. In major falls IT sector has still kept limit and fallen less as compare to other sectors.
5. High selling seens during begning and end of session. Last 3 days were range bound but volume spikes at start & end of sessions.
6. Price in today's session went below CPR which is one more sign of bearishness.
7. In price action we can see more long wicks than tails.
8. If this stock falls further then for swing trading best zone to acquire postions would be 365-380.
9. For tomorrow if market continues to fall which is more probale I would like to short wipro at 408.
10. 15th April'21 is earning release for wipro , so it can give good up move during that time. With that thought in mind it can be accumulated on said swing zone.

Support line - Green
Resistance line - Red
Trend Line - White
VWAP Line - Yellow
20EMA Line - Blue

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