Wipro Ltd. CMP— Rs 439.45
We recommend going short in this counter at current levels.
Technical Outlook:-
The important observation to be made on the price chart of Wipro Ltd. is that the price movement since 21 st March 2011 is forming Bearish Head & Shoulders Pattern on the daily chart. Traders should note that the Bearish Head & Shoulders Pattern is the most
acclaimed Bearish reversal pattern. The stock is trading below its key long term moving average. The RSI indicator on the daily chart has also given fresh sell signal.
Suggested Trading Strategy:-
Hence we recommend selling 50% at current levels and again between Rs 443--Rs 445 levels with a stop loss placed above Rs 451.60
levels for the targets of Rs 420 and/or Rs 408 levels, expected to be achieved over the upcoming 3-4 sessions of trade.
Check our website for free stock market tips on Intraday Trading , Equity Trading Calls , Pay Per call (DV Ace) , Commodities MCX , Commodities NCDEX
We recommend going short in this counter at current levels.
Technical Outlook:-
The important observation to be made on the price chart of Wipro Ltd. is that the price movement since 21 st March 2011 is forming Bearish Head & Shoulders Pattern on the daily chart. Traders should note that the Bearish Head & Shoulders Pattern is the most
acclaimed Bearish reversal pattern. The stock is trading below its key long term moving average. The RSI indicator on the daily chart has also given fresh sell signal.
Suggested Trading Strategy:-
Hence we recommend selling 50% at current levels and again between Rs 443--Rs 445 levels with a stop loss placed above Rs 451.60
levels for the targets of Rs 420 and/or Rs 408 levels, expected to be achieved over the upcoming 3-4 sessions of trade.
Check our website for free stock market tips on Intraday Trading , Equity Trading Calls , Pay Per call (DV Ace) , Commodities MCX , Commodities NCDEX
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