Wipro – Trading near Cup and Handle breakout zone on weekly time
Given the recent volatility in the Indian market, the IT sector is among those sectors that looks strong and is holding. Among the stocks to watch is Wipro.
On a weekly timeframe, the stock is currently above the 30 weekly moving average which is a positive sign. It has also formed a Cup & Handle base with the price trading near the pivot area.
One can keep an eye on Wipro with strict risk management given the overall market scenario.
As per the weekly chart here are the key levels:
Ideal buy zone: 560 – 580
Initial target: 670 – 700
Stop loss: 5-8% as per one’s risk management
Note: Not a buy/sell recommendation. Please consult your financial advisor
On a weekly timeframe, the stock is currently above the 30 weekly moving average which is a positive sign. It has also formed a Cup & Handle base with the price trading near the pivot area.
One can keep an eye on Wipro with strict risk management given the overall market scenario.
As per the weekly chart here are the key levels:
Ideal buy zone: 560 – 580
Initial target: 670 – 700
Stop loss: 5-8% as per one’s risk management
Note: Not a buy/sell recommendation. Please consult your financial advisor
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