After a long period of consolidation and weak performance, Wipro has started to rise with strong volume, indicating that buyers are showing interest in the stock again. Now is a good time to add Wipro to individual portfolio.
Support and Resistance Levels:
Based on the price action, you have to identify two significant levels: the red line acting as resistance and the green line acting as support. Additionally, there have marked red and green shades to represent resistance and support zones, respectively.
Support: The green line and green shade represent support levels. These levels...
> Decent volume
> Multi-year breakout
> IT flavour of the market
> Decent price action
>>> About the company<<<
> Wipro is one of the leading global IT, consulting and business process services company.
> It is the fourth largest Indian player in the global IT services industry, in terms of revenue, after Tata Consultancy ...
Wipro Second time recomdation for long time very strong for upside seen possible as given stoploss been change 354 if break 354 level after only sell side and more chances for more downside
📌WIPRO completed the bearish hormonic pattern and now its breaks the previous resistance after long duration,so will expect good moves in coming days also maintain the Stop loss at 348 at weekly candle closing basis (DYOR)
Wipro has given a strong breakout on weekly time frame now if wipro again retest 450 level we will take a long position at 450 level with sl of 50 points and for target of 600 - 620
In the past NSE:WIPRO was in a Down Trend, thereafter a Descending Channel formed in this chart which is a Bullish Pattern.
Recently price was able to create a HH in this chart which is also a signal for the beginning of a New Uptrend.
And the price is currently reacting from a Trap Zone, this should ideally take the price up.
The First Target is 452...
Breakout & retest done
20 DEMA support
Chart setup favour in long trade.
IT sector very well performe
Sentiments are positive.
Disclaimer This is my personal view for education purpose only
No Buy sell recommendations
Wipro is showing strength after long consolidation. After quarterly results Wipro is about to give huge breakout breaking it's long range. Stock may go upto 550-600-650+ levels in short term keeping consolidation base as a sl. It will be interesting to see how much time stock will take to regain its all time high levels.
In a recent announcement of financial results for the quarter ending December 31, 2023, Wipro Limited showcased a robust performance, defying industry expectations and setting an optimistic tone for the IT services sector. The company reported several key highlights, indicating not only a resilient business model but also a strategic approach that positions it...
