November 17, 2015
Wipro Ltd (NSE Cash)
BUY
` 535
` 555 - 550
` 590
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time:
10:15 IST)
Justification:
The stock has seen a decent correction of more than 10 percent in the recent past. Post the sharp correction;
the stock has reached to its strong support of the lower end of the ‘Andrew Pitchfork’, which coincides with the
’89 EMA’ in the weekly chart (see the exhibit). On daily chart too, the stock has a support of the ‘Rising Trend
line’ and a positive traction has seen in the prices in yesterday’s session. The ‘Stochastic’ oscillator is in verge of
giving positive crossover with its average from the oversold territory in the weekly chart, indicating a possibility
of a bounce. Considering the current chart structure, we are expecting healthy bounce in the counter. Thus, we
advise traders to buy this stock at current levels and on declines to ` 550 for a target of ` 590 in coming 14 to
21 trading sessions. The stop loss for this trade set up can be kept at ` 535.
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November 17, 2015
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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