AshokLey is at a very important levels on the weekly chart as shown in the chart. Upward move is expected. But if the price breaks this 74 levels then further donmove is expected in the coming days. Both stochastic and RSI are in the oversold zone.
As shown in the chart above 1255-1245 seems to be very important Level. Look for reversal from this point and 1294 likely to be the target. But if the price action breaks this support and goes below the mentioned levels then look for the pull back to the above mentioned levels and short. 1190 seems to be the next support downwards.
After a move from 250 to 300 levels, now Wipro seems to be consolidating for another big move.
As of now prices are moving in channel form. Breakout in any direction will give us entry reason and could give some handsome profit.
I see a positive bias in Wipro because there is a huge OI built up in 290 PE so this will act as a strong support for the stock.
Current price levels seems to be the important price levels for Reliance. Any further break in the price levels may trigger more sell offs and Reliance may end up at 1200 levels from where the uptrend started initially.
As you can see in the chart, Price has come down below the support zone, Now this zone might act as the resistance for the price.
I'm suspecting that this short upward move is a pullback movement and once the price hits the resistance the prices can move sharply downwards. Be cautious.