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Wipro

Nifty IT Medium term viewWe are looking at a 8 year Nifty IT chart Lets see what the chart is trying to tell us... - Between 2009 to 2015 the price has risen from 1933 levels to 12908 levels - Since Jan 2009 till March 2015 the index has been making higher top higher bottom - It is only after March 2015 that the index is seen making lower top lower bottom on a regular basis Hence applying Fibonacci retracement level on the entire Bull cycle seen in NIFTY IT since Jan 2009 to March 2015 (roughly 75 months) - It is further observed that since 2015 Price is trading in a Downtrend channel - Blue trend line drawn from 2009 lows looks likely to be the Laxman Rekha (Make or Break line) 2 likely scenarios have been charted out... Eventual target for NIFTY IT-8750-8600 zone which is 38.2% retracement level of the entire rise from 1933 levels to 12908 levels - Time wise 38.2% of 75 months is 29 months giving us time till Sept 2017 - Channel support around Sept-Oct 2017 comes at 8750 levels Things that one should consider before initiating a trade - this is a medium term 6 months view - Wait for the levels to come - allow price behavior around key levels discussed in the chart to give further confirmation - Understand the Risk involved & Reward potential - Plan your trade accordingly ____________________________________________________________________________ "Be sure you put your feet in the right place, then stand firm." - Abraham Lincoln ____________________________________________________________________________ Take care and safe trading...!!!
NSE:CNXITShort
by indiamarketoutlook
Nifty ITIT industry has been in a bearish tone forming lower high - lower low since Q2-2015. The industry is under pressure with margins and visas followed by blow of Rupee appreciation. For short term, 9,880-9,900 stands to be crucial support. The reverse Bullish AB=CD around 9,900 at rising trend line indicates reversal on cards. As per time analysis, the previous rise and fall took 55 trading days and if go by "history repeats itself", the reversal can take place on 25th April (+/- 2 trading days). RSI is back in an oversold territory. TCS will be releasing results today which has weight age of ~45% in IT index will be important to watch. The above view on IT index will negate on a close below 9,800.
NSE:CNXITLong
by bbrijesh
2
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.
NSE:WIPROShort
by sachinlanke