Wipro
WIPRO REVRSAL , POSITIONAL TRADE.Wipro looks good for a positional trade, or option selling trade. Reasons are :
1. Bullish engulfing reversal at day frame.
2. double bottom reversal at 1 hour frame.
3. Reversal from 0.618% retracement zone.
4. The IT sector as a whole is in a bullish trend.
The stock has a good potential of around 9-10% in maximum 1 month.
But still, even after all these positive signs , remember that the trade can fail!
BUY- Risky players can enter at 339-340 zone. safe player enter only if it breaks 345.1
SL-331
TARGETS-356-363-369-373-379-OPEN
R:R-1:2.5
Also i have a Bullish bias on the market , the charts say so. Nifty will be above its all time highs by before 2021.
WIPRO - Breakout (Bearish Pennant Continuation Pattern) As per the price action on hourly chart, it is observed that the price action consolidated after a sharp correction to the previous gap up levels. Now price action formed a pennant triangle pattern, indicating continuation of prior strong bearish move. The price action may further fall down to 325-330 levels.
It is a low risk, high reward trade setup.
T1- 335 T2- 325 SL- 348
Intraday / Swing Setup: Looks good for 360/380Intraday / Swing Setup: Looks good for 360/380. Enter between 348-349 with SL of 344 for Intraday and 341 for Swing. Wait for confirmation on 15 mins chart.
Note: I am not a SEBI register and view is only for educational purpose as well as personal, always consult your financial advisor before investing or trading.
Wipro gapfill completeI had posted a gapfill idea a couple of days ago. That seems to have completed. ~2 points miss which I think is decent fill. Now the stock is ready to move upwards again. Catalysis for the move? The buyback at 400. Positive for Wipro.
Buy here at 345. Target at 352. Stop loss at 340.
WIPRO | Detailed Analysed | entracement is going to happen soon 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
DON'T forget to check out the related ideas which i have posted down below they worked really well
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