Wipro - Contra tread LongThis is not an investment advice, only for academic purpose, apply proper risk management
After a disappointing result, Wipro spooked 10% on thursday and friday.
At present,
Monthly TF - Last month was TD 9, chikou span will face resistance from candlestick at the region of 340-320
Weekly TF - This week was TD8, next week is likely to be TD9, unless a close above 400.
Daily TF - TD countdown 13.
Weekly RSI is showing multiple positive divergence.
Market has a strong support near 350-320 region.
Therefore, it can be presumed that the market is likely to WIPRO is likely to bottom at around 350 next week.
Tom De mark count 9 and 13 can provide good top and bottom signal.
Recently, HCL tech bottomed on 890 on the week it flashed TD9 signal on weekly basis. From that upmove of 15 % in 3 months.
Carborundum universal bottomed on 660 on the week that flashed TD9 signal on Weekly and TD13 signal on daily TF, upmove around 40% in 4 months, which i missed.
Bank nifty and nifty recently flashed TD9 sell signal on weekly TF
So, my strategy will be to buy @ 350 with portion addition upto 320. After 62% retracement of the previous upmove, it is highly unlikely that WIPRO will move to 263, the next support.
Investment horizon -long term
