RSI at critically low levels. CMP at previous resistance range. Bounce from this level to 23.2% Fibonacci is high possibility.
Comment:
Those who want to build long positions in medium term, buy in the range 550-560 and hold to 610-620 in next 1-2 months. Watch out for news on Fed rate hikes and RBI policy meeting for rapid moves in the market.
Comment:
Due to ongoing Russia-Ukraine crisis, target of 610-620 could take a little longer than anticipated. Though global cues are negative, WIPRO is trading in 550-580 range. Safe bets, exit now. Moderate risk, hold and high risk traders, average(buy) on dip @540-550.
Trade closed: target reached:
Anyone who followed this idea, can start booking profits. Risky traders can wait till 625-635 range.