WIPRO what is the downside?

[Rajasekaran1976]

The stock is in downtrend. Where do you see the stop of this?

 

[Pradeep Narayan]

 

[Rajasekaran1976]

what do you infer from the fib retracement?

 

[newtrader101]

Price forms hidden bullish divergence with Stochastics oscillator, both on daily and weekly. Probably, the fall may continue to a maximum of 280. After that (or even before), uptrend from 7-12-17 should resume or atleast hit the nearest existing top of 333.5.

 

[MSN1979]

To answer your questions nobody can predict a STOP only GODS can (if they exist). One can only suggest where it will get good support.

At present levels it will get support, I would be very uncomfortable to enter at this point as gains might not be substantial and it may fall further to 260 level it might get support again 250-260. According to this chart bottom looks like at 220's levels.

So You should wait and look for

1. Possible Trend Reversal
2. A Clear Breakout
3. Any news that might trigger a change in trend

If you are already invested please share if you have invested in equity or futures and at what level?

 

[MSN1979]

I was looking at wipro chart earlier this morning, on weekly it looks like its in uptrend but if you take a look at daily chart its a different story.

Observe the nature of fall after 16th Jan Candle 17th Jan (Where my Tracker ball is pointed) was not able to close higher. 280 become next support. F2 breach is required before u consider a change in trend and F1 D would indicate a possible resumption of Uptrend on weekly. Although IT sector has positive news you might want to consider peer stocks.

 

[Rajasekaran1976]

Thanks for your views. Highly appreciate it. Would keep in mind your inputs.

 

[headstrong007]

Currently, 274-280 Zone biggest support for Cash.
Big bounce possible if market hit that zone...
Only if goes below that zone exit long and open fresh short(then 260 is the target).
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300-303 Cash currently the resistance zone to create short with small SL.
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Always keep the vital sup res in mind and follow the price action to make money...

 

[MSN1979]

Hi

Today after 17th Jan first time wipro has broken then trend line after 27 days. A medium risk trade available on cards with A SL of H1 D in cash equity (even if you dont keep a SL in cash thats ok, you can average and keep holding).

If anyone thinks about futures your SL should be today's low. Since 300 is a round number and has a higher siginificance of resistance you should try to wind up your trade before R1 (F1D) in above charts.

Your R:R would be 292-289.50 (-1) 3.5: 300 (-1) 7 which exactly isn't a great RR. I will let you decide the rest.

Please keep in mind that this could be simply be a start of lower high formation as volumes are missing at present when i am writing this.

 

[Rajasekaran1976]

I see a trend reversal. Can somebody confirm this through charts?