I'm writing about WIPRO to member request. I have no interest in trading in this stock.
Wipro corrected from its recent highs for almost 2 months making big GAPS. In common man terminology, Wipro bled till 314 levels where it found support recently at its trend line show in chart. IT Stocks rallied a lot in the first 2 to 4 months of 2013. Now they have in correction phase for almost a month or two.
In the second phase, Pharma companies, Finance and banking rallied a lot in 2013. This year seems to be good for IT companies.
Stock is into down trend for now. Its moving in a down ward small channel for a month. For those who hold the stock, hold it with SL at 308. If stock bounces from 308 to 310 levels or break out of the channel then we may see stock trying to fill the GAPS created.Please note that stock already filled one GAP area highlighted in pink.
In market always, patience pay off. When you buy any stock, have a plan whether you are a trader or investor. What is your SL. People who have investment view, can hold them for years. Wipro is one of the leading IT firm in Listed Indian IT stocks. Having SIP for such stock may good returns in long run.
For now stock is in Down trend closing below Day Low EMA. Stock may see some correction till 310 levels where buyers may show some interest in buying the stock.
Stock have potential to visit 345 levels in coming days once it started moving up. Above 353 trend may change upward. 335 may act as resistance until the stock is weak.