WIPRO trade ideas
Wipro double top, short below 711.Hello guys, I.T sector looks week to me and yesterday Nasdaq also saw a significant fall so we will be looking to short I.T stocks for a few days, preferably on a pullback.
Wipro has made a double top pattern also known as M pattern by some traders, what it means is that the price faced rejection from a specific level 2nd time and is not wanting to go beyond that for now, so it's a bearish pattern.
The volume profile also shows interest in short side rather than going long.
The RSI has started to go weak.
9 ema is above the price.
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Simple Trade Setup | WIPRO | 10-01-2022 [ INTRADAY ]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) 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.
Wipro LTD.Wipro LTD.
I Perfer Shooting After Wipro Post it Result Because History Repeat Itself.........!
Let me Example
See Wipro had seen fall13% from 18 Oct 2021 After Wipro had given nice came back the postion made before 670 levels is massive now price is 711 and seen 725 levels also after result might profit booking will come then I will Short otherwise I will Neutral
This is Educational Purpose
Please Please do your now Reseach...
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WIPROI am very bullish on WIPRO. Looking at the chart Wipro is possibly forming a "CUP AND HANDLE" which is one of a very bullish pattern.
Points to note:
1. Possible "CUP AND HANDLE FORMATION" is forming (which is highly likely).
2. The 720 level acted as a resistance and the candle retested it (in the past 3-4 times it retested too). I expect Wipro to consolidate a little by completing the "Handle" pattern and after it may give a breakout with an initial target place around 780-790 levels.
3. Support and Resistance are shown on the charts (1Hr timeframe will show those levels in more detail).
According to my opinion, WIPRO will be a big game in a few sessions if it continues the "CUP AND HANDLE" pattern.
THE ANALYSIS IS ONLY FOR KNOWLEDGE PURPOSES. PLEASE ACT WISELY BEFORE TAKING ANY DECISION.
WIPRO LIMITED ( EDUCATIONAL PURPOSE ONLY)There is no guarantee in stock market and Nothing over week
Always Invest or trade according to your loss bearing capacity
STOCK FOR EDUCATIONAL PURPOSE ONLY
WATCH WIPRO LIMITED @ RS 710 with target of RS 730 CMP IS RS 705.45
STOP LOSS: ACCORDING TO YOUR RISK APPETITE OR @ RS 690
Disclaimer: I am not Sebi Registered. All my ideas/opinions and analysis are for your information and educational purposes only and it does not constitute any recommendation to buy or sell any stock or index. Use your own wisdom.
M B PANDEY
Student of Market since 2015
B.Sc. (MATHS & PHYSICS)
Disclaimer: I AM NOT SEBI REGISTERED
[ INTRADAY ] WIPRO LONG BETrisk: Reward ratio is 1: 2
Rest as per Charts
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Note -
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells “where” to act in “what direction. Unless it triggers, like, let’s say the candle doesn’t break the level which says “Buy/Sell if it breaks”, You should not buy/sell at all.
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I use shorthands for my trades.
“Positional” - means You can carry these positions and I do not see sharp volatility ahead.
“Intraday” -means You must close this position at any cost by the end of the day.
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Always follow a stop loss.
In the case of Intraday trades, it is mostly the “Low/High of the Candle”.
In the case of Positional trades, it is mostly the previous swings
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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.
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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.