One can initiate long positions in the range of Rs 318-321 levels for the upside target of Rs 345-350 levels and a stop loss below Rs 300.
Moneycontrol News
@moneycontrolcom
SMC Global Securities
Wipro made a 52-week low at Rs 253.50 on 6th June 2018 and a 52-week high of Rs 338 on 24th September 2018. The 200-days ExponentialMoving Average (EMA) of the stock on the daily chart is currently placed at Rs 291.30
The short, medium and long-term bias are looking positive for the stock as it is continuously trading in higher highs and higher lows on the weekly chart, which is bullish in nature.
It formed a “Bull Flag” pattern and has given a breakout from the pattern by closing with gains of over 2 percent in the previous week.
Technical indicators such as RSI and MACD are also looking positive for the stock. One can initiate long positions in the range of Rs 318-321 levels for the upside target of Rs 345-350 levels and a stop loss below Rs 300.
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.First Published on Oct 22, 2018 11:08 am
