October 08, 2015
Wipro (NSE Cash)
SELL
` 614
` 593 - 597
` 558
5-10 sessions
575
555
608
613
Bearish
Source: Falcon (Chart time - 10:30 IST)
The stock has rallied sharply from ` 544.15 to ` 613.30 in the recent past. But, the ongoing
up move seems exhausted at current levels as we are witnessing a formation of the ‘Bearish
Butterfly’ pattern in the daily chart, whose Potential Reversal Zone (PRZ) is placed at ` 611.75
- ` 613.25 levels.
The stock has precisely taken the resistance in mentioned PRZ and has formed a ‘Shooting
Star’ candle on Thursday; and yesterday, the stock has breached the low of preceding three
trading sessions.
The ‘RSI’ oscillator is also showing negative divergence in the daily chart, indicating reversal
on cards.
Considering the current chart structure, we advise traders to sell this stock from current level to a rise
up to ` 597 for a target of ` 558 in coming 5 to 10 trading sessions. The stop loss for this trade set up
can be kept at ` 614.
October 07, 2015
Wipro (NSE Cash)
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*Ex-dividend Rs 8