December 21, 2015
Wipro (NSE Cash)
BUY
` 539
` 556 - 552
` 587
5-10 sessions
548
542
570
587
Bullish
WEEKLY CHART
Source: Falcon (Time - 11:50 IST)
The stock is moving within the territory of the ‘Andrew Pitchfork’ from last two years and currently
trading around the lower line of the same, which also coincides with the ‘89 EMA’ in the weekly chart.
We are also witnessing a formation of a Bullish Harmonic Pattern called ‘Bullish Gartley’ in the daily
chart, whose potential reversal zone is placed at ` 545.50 - ` 547.40 levels.
From last three sessions, we are also observing rise in volumes. Since, the stock is trading around the
support; it indicates more of the buying interest at lower levels.
The ‘Stochastic’ oscillator is also rebounding from the oversold territory in the daily chart, indicating
possibility of resumption in the up move.
Looking at the above technical evidences, we are expecting healthy up move in the counter. Thus, we
advise traders to buy this stock from current level and on a decline up to ` 552 for a target of ` 587 in
coming 5 to 10 trading sessions. The stop loss for this trade set up can be kept at ` 539.
December 21, 2015
Wipro (NSE Cash)
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