Wipro, E-WavePosted this stock a few days ago. It is a laggard. Price has broken down the intermediate support. If the E-Wave counting is correct, price can halt at 200 DMA which should finish a-b-c (II) correction. Now SL becomes small.
WIT trade ideas
WIPRO - HEAD & SHOULDERWe can Enter SHORT in WIPRO (CMP 285) for the target of 255 & 240
Because
in DAILY timeframe this stock completes the HEAD & SHOULDER pattern with SL 310
Wipro and IT majorsBig IT stock took a beating after Trump cam to power. After several months, the environment of business was better and almost all major IT stocks made bullish moves steadily. Wipro is an exception. At present price is lingering at support which coincides with 200 DMA. It is a laggard among the lot.
WIT 6.0I know its simple but 6.0 is a nice round number and good psychological support. Sitting on 20 EMA. Watch for breakout and uptrend and buy. If it dips down wait for it to rest on the 50 EMA.
Wipro Daily chartWipro Daily chart Technical analysis.
currently it has strong uptrend channel and also cup with handle formed.
Uptrend support line is broken. we can do trade setup till the resistance point.
Also Fib retracement broken first 2 golden points(32% and 50%). potentially it will hit third golden point soon.
Wipro - Wilting Under Its Own Weight - 8/25/2016Following the footsteps of big bellwether Infosys, Wipro is exhibiting the recent malaise prevalent in IT industry. Milking the clients just by offering cheap labor model has its limitation. In the age of machine learning, human clients are learning that instead of paying huge sum to Indian IT companies, they can themselves run their IT operations in India ! Better late than never for clients !
For current slow global growth environment, Indian IT companies profitability has plateau. When clients can only keep the profitability only by cost cutting, it is going to be very tough environment for big Indian IT companies to get juicy contracts. Their profitability is going to reduce a lot in coming days. Only thing can keep them buoyant is the incessant supply of cheap labor.
Technically speaking, we are looking for 400 - 440 for Wipro stock in coming days / weeks. Whether it comes to that support level is not sure but our advantage in trading Wipro is only within such parameters. From there we will trade it from long side, at least for short term and then will take it from there.
Other IT related trades in Infosys and TCS are working as prescribed !
