Wipro retest of support at 485Buy Setup:
Wipro just bounced off at the support level 485. We also have a hidden bullish divergence. Go long at the break of trendline, with target at 500.
Short Setup:
If Wipro breaks bounces off the trendline and breaks support at 485, wait for retest at resistance and short it with target at 470 level.
Wipro
Wipro - Short Term Trade SetupWipro daily chart is showing negative divergences with MACD and Stoch RSI. Today's Close is at 490 which is very near to resistance of 500. Also, possible pullback can be expected considering the today's close just above the boundary of upper Bollinger band.
These 4 reasons indicate the price pullback in next 2 trading days. Prices may test the resistance of 500 and then drop back to 470 levels.
Trade Idea = > Short Wipro below 487, target - 470, stoploss - 505.
CNXIT: POSITIVE CHANNEL SETUPIt is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as resistance.
Target: 10150
Stoploss: 9200
Risk Reward: 1:1
Wipro : Channel Breakout happened, check ur plan !IT stocks are already on deep crisis, there is no takers for them, with GST n other euphoria people are going for FMCG,Infra, Auto, banks, so here comes Wipro which is in Bearish trend for quite a while. The reasons are :
(i) Channel Breakout happened already
(ii) Potential Double Bottom around 472, so note that
(iii) Bearish Trend - Bearish Breakout, Good for directional traders
Check ur plan n decide !