Price action Based analysis on WIPRO
IT sector is now overbought
CMP = 360.60
Lot Size = 3,200
there are 2 targets as shown by arrow
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Nifty - Technical Analysis:
-NSE Nifty 50 index fell for second straight session dragged by weakness in banking, financial services and FMCG shares.
-NIFTY was sustaining above 11550 for the first session of the day but witnessed high selling pressure during the last hour and was brought down.
-It bounced from the 200SMA in 1hr candles for the second time...
TCS broke the 2 year resistance on July 28, thereafter it remained in consolidation for nearly a month and today it gave a breakout and might continue its uptrend to the top of the channel. Lets see..
If anyone has a different view, ll be glad to to be acquainted with that, please let me know in the comments.
WE LEARN TOGETHER WE GROW TOGETHER.
THE BREAKOUT FOLLOWED BY A RETRACEMENT IS AN INDICATION OF BULLISHNESS IN THE STOCK.
BEWARE OF THE RISK INVOLVED IN TRADING STOCKS AND PLAN YOUR TRADES ACCORDINGLY.
THIS SHOULD ONLY BE USED FOR LEARNIG PURPOSES AND NOT AS A TIP.
TRADE AT YOUR OWN RISK.
THE BREAKOUT WAS DISCUSSED EARLIER, BUT THE TREND CONFIRMATION IS SO STRONG.
The same pattern happened for 5 consecutive days. The pattern you can find is :-
A Gap Up Opening.
Then an up move to trendline. (refer the chart)
Followed by fall to support @ 276/275.
Also note these points :-
CNXIT or NIFTYIT also has been consolidating in an ascending triangle pattern.
The stock is witnessed a selling pressure at...
Tcs crossed 50 Dma in weekly charts and 200 Dma on daily charts with volume confirmation plus breakout from congestion zone.
Trade with risk management but don't get afraid of taking risks because the winner is who BETS as well as never gets short of CHIPS...!!