Hi, Readers I was not been able to update the blog as I was busy in my business and trading. But today I have again looking to put up my best of the efforts to update the blog from time to time with great long term trade recommendations and reasons.
My today call is long term and that is of Wipro(stock listed in National Stock exchange of India), which is facing headwinds and the reason I am putting a stock like Wipro which is in strong downtrend after failure to breach and remain above 700 Rs.
Wipro Chart with possible support and Resistance Area Marked
Even Pair is in strong downtrend and need some strong pressure from bulls to rise but still markup phase has allow me to post that recommendation and downtrend went to as low as Rs.500 and beyond, but overall markup phase has been doing well to reach 590-610 area which has act as strong resistance, and pair fall quickly to Rs. 540-50 area, and it will act as support now.
Postive News Come out of wipro with Increase in Profits
We have already witnessed strong pressure from the lows to reach Rs 590-610 area to a new multi-month high, and that was earlier warning accumulation phase has finished around Rs. 520-30 area and huge gap up due to wipro market data release which show positive sign. Anyway, I dont rely on market data and news because I back my instincts to complete trading analysis and my call on wipro is still positive for a test of 590 area and above we can Rs. 700 if price manage to breach the level and remain above that area with a weekly close.
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