Short Wipro March Futures

Stochastic showing mild divergence and suggests that its in overbought zone. Stock has already touched near the 161.8% fibonacci extension from its low of 311.05 (December) and facing resistance near 380 levels. MA on daily charts is about to give bearish crossover. Weekly charts has many more to offer. Short buildup is noticed near the ATM strike calls and and long liquidation noticed for ATM puts. Closing below 370 stock may retest 360/350.65/343/335/324 levels in near to mid term. Closing above 380 stock will head towards 400 mark.

Near by support: 370(O)/360(F)
Near resistance: 380(F)
Comment: Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.
Comment: Stock almost hits the first target 360 (Made low of 361.2) before bouncing back.

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