SWING IDEA - WIPROWipro , one of India's leading information technology companies, is displaying technical signals that suggest a promising swing trading opportunity.
Reasons are listed below :
550 Zone Breakout : The 550 level has been a significant resistance zone, and the price has recently broken out above this level, indicating strong bullish momentum.
Cup and Handle Pattern Breakout : The price has broken out of a cup and handle pattern, a bullish continuation pattern that suggests potential for further upward movement.
Bullish Breakthrough Candle on Daily Timeframe : The formation of a bullish breakthrough candle on the daily chart indicates strong buying pressure and further supports the bullish case.
Breakout of 2+ Year Consolidation Zone : The stock has broken out of a long consolidation phase lasting over two years, signaling a potential new bullish trend.
Support on 50 and 200 EMA on Weekly Timeframe : The stock is finding support at both the 50-week and 200-week exponential moving averages (EMA), reinforcing the overall bullish sentiment and providing strong support levels.
Target - 640 // 725
Stoploss - weekly close below 490
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Wipro
WIPRO LONG Trade Hits First Target! Bullish Momentum BuildsWipro has shown a strong bullish movement, reaching Take Profit 1 (TP1) at 550.85 on 14th October at 12:45 PM.
Key Levels
Entry : 540.80 – Wipro started its upward movement from this key support level, leading to a breakout.
Stop-Loss (SL) : 532.65 – This level is positioned below the entry to protect against any potential downside risk.
Take Profit 1 (TP1) : 550.85 – Already achieved, confirming the strength of the uptrend.
Take Profit 2 (TP2) : 567.10 – The next target to watch as bullish momentum continues.
Take Profit 3 (TP3) : 583.35 – If buying pressure persists, this level could be tested next.
Take Profit 4 (TP4) : 593.40 – The ultimate target signaling the potential for a strong bullish rally.
Trend Analysis
The price is clearly above the support of the Risological dotted trendline, indicating a strong uptrend. The sharp upward movement followed by a small consolidation suggests the possibility of further gains.
With TP1 reached, the next targets are in focus, and a move above 550.85 will likely lead to TP2 being hit.
Wipro has reached its first profit target at 550.85, confirming bullish momentum. The next targets at 567.10 and beyond could be reached if the uptrend holds, with solid support from the Risological trendline and strong buying interest.
WIPRO AnalysisWipro the IT giant of Bharat has given us a cup with handle pattern. The buy point in anywhere below 545 and sell point is all time high. The company has posted consistent profits and has maintained its revenue in such difficult time for the industry. It has given a profit of 3000+ crore after 4 quarters and currently the stock is 30% lower from its lifetime high when the profit was 3000+ crore. So there is a clear opportunity in the stock.
Hope you like my analysis.
Please do your own analysis before investing.
Do like and follow and share among your friends and family.
Thank you.
Wipro Case Study: Elliott Wave Analysis for Educational PurposesWIPRO multi time frames charts updated
Weekly Chart
Daily Chart
4 Hourly
60 Min
In this educational case study, we delve into the chart analysis of Wipro using Elliott Wave Theory. Our analysis focuses on identifying potential wave patterns and understanding the current wave structure for educational purposes only.
Overview:
After a significant decline in the larger Wave (4), Wipro appears to have initiated Wave 1 of (5). Within Wave 1 of (5), we have observed completion of sub-waves (i)-(ii)-(iii), and (iv) is nearing completion. The current structure suggests that sub-wave (v) of Wave 1 of (5) could soon commence.
Detailed Analysis:
Wave (4) Correction: Wipro experienced a notable decline in Wave (4), signaling a potential shift in sentiment.
Wave 1 of (5): Following Wave (4), the stock initiated Wave 1 of (5), marked by the completion of sub-waves (i)-(ii)-(iii).
Current Structure: We are currently witnessing the final stages of sub-wave (iv) of Wave 1 of (5), with sub-waves i-ii-iii-iv completed.
Anticipated Movement: Sub-wave (v) of Wave 1 of (5) is expected to commence soon, potentially marking the final fall before an upward move.
Risk Management and Wave Highlights:
It's essential to implement proper risk management strategies, including setting stop-loss levels to mitigate potential losses.
Traders should exercise caution and remain vigilant for any deviations from the expected wave counts.
Understanding Elliott Wave Theory can provide valuable insights into market trends and potential price movements.
Remember, this analysis is for educational purposes only and should not be considered as trading advice.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
WIPRO: Out of the shell ?- The chart is pretty self-explanatory but here is the gist:
- 10 months of pure sideways consolidation (I get it. Wipro tested Investor's patience, the most)
- Breaks the support only to reverse back into the range, trapping sellers
- On the verge of breaking its range for the cage-free price momentum
- Also, the Indian IT sector is approaching its critical resistance for the third time. (link in the comment section)
- Don't let the analysis end here! Boost, comment, and follow for more such insightful posts
⚠️Disclaimer: We are not registered advisors. The views expressed here are merely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. Like everybody else, we too can be wrong at times ✌🏻
WIPRO - The IT sector pick with Minimal Downside Risk!Overview:
- Entry Point: Current Market Price (CMP) 475
- Target: Around All-Time High (ATH) 740
- Risk-Reward Ratio: With a downside risk of just 10% and aiming for a 50% upside, this trade offers an impressive 1:5 RR ratio.
Aiming for a significant upside with well-managed risk. Let's see if we can capture this opportunity right!
Stay tuned for updates and trade safely! Happy trading!
Disclaimer: This is NOT a buy/sell recomendation. This post is meant for learning purposes only. Please, do you due diligence before investing.
Thanks & Regards,
Anubrata Ray
Wipro Breaks Resistance: Bullish Momentum Aims HigherWipro Ltd (NSE: WIPRO) showcases a strong breakout above its recent resistance level, indicating the potential for continued upward momentum. This move is backed by solid trading volume, reinforcing the bullish trend as the stock remains above all major moving averages. Traders should watch for continued support at this breakout level with an eye on targeting the next major resistance.
Wipro teams with Zscaler to boost AI-driven cybersecurity salesWipro Ltd. ADR has announced a strategic partnership with the IT giant Zscaler, enhancing the reach of its newly launched Wipro Cyber X-Ray platform. This collaboration is expected to bolster Wipro's position in the cybersecurity market, targeting a broader customer base with advanced AI-powered solutions.
The Wipro Cyber X-Ray platform employs artificial intelligence algorithms to enhance data protection tool management. Notably, it features a user-friendly cybersecurity monitoring and management dashboard designed to be intuitive even for non-professionals. The dashboard provides comprehensive insights into current risk levels, vulnerabilities, protection statuses, performance analyses, and potential consequences of cyberattacks, among other critical parameters.
Exploring potential trading opportunities, let's review the technical analysis of Wipro Ltd. ADR (NYSE: WIT):
On the Daily (D1) timeframe, Wipro's stock has established a resistance level at 5.70 USD and support at 5.15 USD. An initial uptrend is observable, suggesting potential for further price increases. If a downtrend initiates, a potential downside target could be 4.10 USD.
If the current uptrend persists and the stock breaks through the resistance at 5.70 USD, a short-term target is 6.45 USD. For a medium-term investment strategy, the stock price might rise to 8.05 USD if the upward momentum continues.
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Wipro Limited (WIPRO) AnalysisThe chart provided is of Wipro Limited (WIPRO) listed on the National Stock Exchange (NSE) of India, on a weekly timeframe. Here’s a detailed analysis and summary:
1. Trend Analysis:
- The stock experienced a strong uptrend from mid-2020 to late 2021, reaching a peak around 740.
- Since then, it has been in a downtrend with intermittent periods of consolidation and minor recoveries.
2. Support and Resistance Levels:
- Resistance:
- 543.55 (61.8% Fibonacci retracement level).
- 606.70 (previous high and key resistance).
- 711.90 (1.618 Fibonacci extension level).
- Support:
- 439.85 (Recent low and significant support).
3. Fibonacci Retracement Levels:
- The chart shows Fibonacci retracement levels from the recent high around 740 to the recent low at 439.85.
- 50% level at 523.75.
- 61.8% level at 543.55.
4. Chart Patterns:
- There appears to be a descending triangle pattern forming, with lower highs and a horizontal support level around 440.
- A breakout from this pattern, either upward or downward, will likely indicate the next major move for the stock.
5. Current Price Action:
- The current price is 484.55.
- The price has recently bounced off from near the 440 support level.
- The price is approaching the descending trendline, which could act as resistance in the near term.
6. Moving Averages and Indicators:
- The chart does not explicitly show moving averages or other indicators, but the trend lines, Fibonacci levels, and chart patterns provide key insights.
Summary:
The chart of Wipro Limited (WIPRO) shows that the stock has been in a downtrend since late 2021 after a significant rally. The stock found support around 440 and has recently bounced from this level. Key resistance levels to watch are around 523.75 (50% Fibonacci retracement) and 543.55 (61.8% Fibonacci retracement). The stock is currently testing the descending trendline resistance, and a breakout above this level could indicate a potential reversal. However, if it fails to break this resistance, the stock may continue to trade within the descending triangle pattern, with 440 being a critical support level.
NIFTY IT | Updated Price Action- Here is an update to the Nifty IT analysis we posted back in 2022.
- The price action is pretty sluggish. Literally "Trading in the Zone" ( Get it? If not you need to read that book " Trading in the Zone by Douglas" It will teach you the psychology aspect of trading)
- We will keep updating the price action as it unfolds.
- In the meantime, look at how NDX has performed post our analysis.
What are your thoughts? Feel free to comment. If it helped, Do Leave us a boost 🚀
Disclaimer: We are not registered advisors. The views expressed here are solely personal opinions. Irrespective of the language used, Nothing mentioned here should be considered as advice or recommendation. Please consult with your financial advisors before making any investment decisions. We like everybody else, have the right to be wrong :)
Wipro is ready to blast for 750 Targets !!Wipro Chart is Bullish after 20% correction
Wipro is on Law of Polarity working from 2021
Stock has achieved the targets of LOP which was coming around 550
And stock has corrected exactly from there !!
Now stock is around Law of Polarity and also Wipro is making Falling Broadning pattern in an uptrend which indicating Bullishness.
Stock is still around the support area and looking lucrative.
Thank You !!
Disclaimer : We are not SEBI registered analyst. Do your own research before taking any investment decision.
India: IT Consultancy Industry chartThe trend was broken on 2nd March. I'm bearish on the IT Consultancy Industry going forward.
Note:
This is a custom index formed by equally weighing Large Cap IT consultancy stocks.
Relative Momentum (w.r.t. Nifty) indicator has been applied on the same.
Stocks considered for the index:
TCS
INFY
HCLTECH
WIPRO
LTIM
TECHM
TATAELXSI
LTTS
PERSISTENT
MPHASIS