Hello traders! Today, we'll dive into an exciting technical analysis of Wipro, a prominent IT company and a part of the Nifty 50. I'll walk you through some essential concepts and terms while dissecting the current market situation. Please note that this analysis is for educational purposes only, and I am not a SEBI registered analyst.
📊 Key Details 📈
Wipro...
Wipro doesn't look good to buy at current level as it continued going down after some short covering .
As we can see wipro is again sending some alarming signal, After few short covering session it broken down the channel then sitting at head Nd shoulder which is yet to be confirmed.
If goes down below 380 in couple of days then it mY retest the strong buy zone...
NSE:WIPRO
Observations:
1) On 1 day time frame, we can see it just closed at 10DMA.
If it trades below 10DMA then we can see some profit booking.
10DMA is placed at 710.91 level.
Major breakout level for upmove is 720 level range.
Please refer below chart : 1 day Time Frame.
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Trade Setup for 10-01-2022
1)...
NSE:WIPRO
Observations:
1) On 1 day time frame, we can see that it is at the breakout zone of 700-702.50 level range.
But major breakout will be only above 720 level.
Please refer below chart : 1 day Time Frame.
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Trade Setup for Date: 27-12-2021
1) Don't Jump in to trade at the beginning of the market. Let it...
NSE:WIPRO
Observations:
1) On 1 day time frame, we can see that it has been taking support from 50DMA. Which is a good sign that the bottoming is done and down trend is restricted at this time.
Please refer below chart : 1day Time Frame.
2) On 1 hour time frame, 650 level is immediate resistance level and 640 is immediate support level.
Please refer...
Points to Observe
1. After channel breakout the upside rally should continue but if we observe the chart even good positive volume breakout turned into selling volume after breakout indicating Weakness in buying side.
2. At the same time we have to consider the Horizontal Resistance, At that resistance market is fighting which means the resistance will break...
![WIPRO: Simple Trade Setup | WIPRO | 10-01-2022 [ INTRADAY ]](https://s3.tradingview.com/m/m3yzvbtJ_mid.png "Simple Trade Setup | WIPRO | 10-01-2022 [ INTRADAY ]")
![WIPRO: Simple Trade Setup | WIPRO | 27-12-2021 [ INTRADAY ]](https://s3.tradingview.com/w/w1iOq9X2_mid.png "Simple Trade Setup | WIPRO | 27-12-2021 [ INTRADAY ]")
![WIPRO: Simple Trade Setup | WIPRO | 08-10-2021 [ INTRADAY]](https://s3.tradingview.com/1/1mjEmpXM_mid.png "Simple Trade Setup | WIPRO | 08-10-2021 [ INTRADAY]")
