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Technical Analysis: Wipro's Potential Breakout 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 has been in a downtrend since October 2021 until March 2023. However, things seem to be changing now. Starting from December 2022, Wipro has formed an inverted head and shoulders pattern, which indicates a potential trend reversal. Today, we see the head and shoulders pattern breaking, but it's too early to confirm the breakout. We need to wait for the market to close, or we can initiate a trade five minutes before the closing bell if the breakout sustains. There is a critical resistance zone for Wipro, ranging from 417 to 413. If Wipro manages to sustain above this level today, it might present a good opportunity for a buy trade. Additionally, analysing the volume chart, we can observe a significant surge in volume over the last three days, adding more weight to the breakout trade setup. 💡 Educational Insights 💡 Before we proceed further, let's briefly explain some important technical terms: 1. Head and Shoulders Pattern : This pattern indicates a trend reversal and consists of three peaks, with the middle peak (the head) being the highest, flanked by two smaller peaks (the shoulders). A breakout above the pattern's neckline signifies a potential upward move. 2. Resistance Zone : It's a price range where a significant number of sellers are present, preventing the price from rising further. 3. Volume Analysis : Volume measures the number of shares or contracts traded during a given period. A surge in volume can validate the strength of a price move. 💬 Like, Comment, and Follow! 💬 If you find this analysis helpful, don't forget to show your support by liking and commenting! I appreciate your observations and feedback, as it keeps me motivated to write consistently. 👉 Follow me on TradingView for more articles and trade setups: in.tradingview.com 👈 🚀 Stay Inspired and Keep Trading! 🚀 Remember, trading can be both thrilling and challenging. Always approach it with discipline and a learning mindset. With the right knowledge and analysis, you can unlock opportunities in the markets! Keep exploring and happy trading! 📊📈🤝
NSE:WIPROLong
by AfnanTAjuddin
Wipro Ltd. Sector: Computers - Software: BuyWipro Ltd is a leading India based provider of IT Services, including Business Process Outsourcing (BPO) services, globally. Further, Wipro has other businesses such as IT Products, Consumer Care and Lighting and Infrastructure engineering. CMP: 639.80 Target : 713-760 Wipro Ltd is now on critical support as well previous accumulation Zone. Now market retrace from critical support and fill vacuum phase. if critical support break it go for support 1 i.e. 587. Used dip to buy and five time investment strategy for long term. Reasons to Buy: 1) Price reaching for the previous accumulation level. 2) Fundamental reason for demand as the company will distribute dividends, Promotor holding 73% . as well Revenue 61934cr which is good to previous. 3) Best buy before 18th Jan 2022. 4) Vacuum phase or Gaps to fill above. If you think information is useful please comment and follow for Daily Updates. Feel free to share your feedback and queries. If you want to know about your stock please mention in comment.
NSE:WIPROLong
by vahabsheikh
Simple Trade Setup | WIPRO | 28-12-2021 [ INTRADAY ]NSE:WIPRO Observations: 1) On 1 day time frame, we can see that it sustain the gap up but closed below 700 level. Still range of 700-702 is major breakout range. Please refer below chart : 1 day Time Frame. ------------------------------------- Levels and trade setup remains same as per previous. Trade Setup for Date: 28-12-2021 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between levels. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:WIPRO
by Trading_hawk
19
Simple Trade Setup | WIPRO | 27-12-2021 [ INTRADAY ]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. ------------------------------------- Trade Setup for Date: 27-12-2021 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between levels. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:WIPRO
by Trading_hawk
2
Simple Trade Setup | WIPRO | 20-09-2021 [INTRADAY]NSE:WIPRO Observations: 1) On 1hr time frame it has been trading in triangle pattern. Critical Support is at 656 level. Please refer below chart : 1hr time frame. ------------------------------------- Trade Setup for Date 20-09-2021: 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between levels. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respsective level considering how price action works near that level.
NSE:WIPRO
by Trading_hawk
3
Wipro - Bullish breakout🔴DISCLAIMER ***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ****** Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional, we cannot expect every stock to take a retest after the breakout, it may also continue to have its bullish pressure after the breakout) After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
NSE:WIPROLong
by PrakWorld_Traders
WIPRO TARGET Achieved | Trade setup for 26-07-2021NSE:WIPRO TODAY, 23-07-2021, WIPRO gave a dip at 584 level, which was our marked level and that dip was buying opportunity. As mentioned in my last post any dip above 580 will be a buying oppotunity. Now, what next? Any dip till 594 or 589 level will be a good buying opportunity. Short term target will be 615. For Intraday target it will be 607 at max. And bonus target can be there if it continues strong bullish trend if it takes support from 607. All these mentioned level will work as support and resistance on particular day based on how price action are working near that price level. Do comment, if my ideas are helping you to understand the price action and levels. Have a happy weekends. Also do comment, if you have any doubt.
NSE:WIPROLong
by Trading_hawk