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Last Updated : Oct 15, 2020 08:16 AM IST | Source: Moneycontrol.com

Trade Spotlight: Wipro, Sasken Technologies and SBI Cards in focus

Wipro plunged nearly 7 percent, Sasken Technologies rose over 3 percent, and SBI Cards rose over 4 percent on Wednesday.

 
 
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Indian market rallied for the tenth consecutive day in a row on October 14 supported by buying in the banking stocks. The S&P BSE Sensex rallied by more than 150 points while the Nifty50 reclaimed 11,900 levels.

Let’s look at the final tally on D-Street on Wednesday – the S&P BSE Sensex rose 169 points to 40,794 while the Nifty50 gained 36 points to end at 11,971.

Sectorally, the action was seen in Finance, Banks, Realty, and Capital Goods space while some profit-taking was visible in Utilities, power, IT, and Oil & Gas space.

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Wipro plunged nearly 7 percent, Sasken Technologies rose over 3 percent, and SBI Cards rose over 4 percent on Wednesday.

We have collated views of experts on what investors should do when the market resumes trading on Thursday, October 15:

Expert: Ashish Chaturmohta, Head of Technical and Derivatives, Sanctum Wealth Management.

Wipro: Immediate support for the stock is seen at Rs 346-336

The stock is in a strong uptrend from the March low of Rs 159 to touch a high of Rs 382 recently. The stock price tested the 20-year high of Rs 388 and then witnessed profit booking coming in.

The immediate support for the stock is seen at Rs 346-336 which is last week’s rising gap area on the daily chart.

Thus, the stock is likely to find support around the gap zone and if it manages to hold above the same then the bounce back could take it to test the all-time high of Rs 388.

A close above Rs 388 could take the stock towards the next target placed around Rs 420. On the other hand, a close below Rs 300 levels, could take the stock towards the next support placed around Rs 300 levels.

Sasken Technologies: Key resistance level is placed at Rs 770.

The stock has been in an uptrend since March of Rs 335, forming a higher top and higher bottom on the daily chart. The rallies in the stock have been on high volumes indicating buying participation in the stock.

Though after a couple of weeks of consolidation, the stock has seen a fresh breakout. The key resistance level is placed at Rs 770.

But, momentum indicators are in bullish mode on the daily as well as on the weekly chart. Thus, the stock needs to sustain above Rs 770 for the rally to continue towards Rs  840 and then Rs 900 levels.

On the downside, support for the stock is seen at Rs 720 and then towards Rs 680 levels

SBI Cards: Stock can see a rally towards Rs 1020

After hitting a low of Rs 495 back in May, the stock has been in an uptrend forming a higher top and higher bottom on the daily chart.

The stock has formed a base between Rs 495 and Rs 769 levels and the price is now trading above it. For the last 6 weeks, the stock was in a sideways range at all-time high levels and is consolidating its gains between Rs 868 and Rs 800 odd levels.

The stock has given a breakout on the upside with strong momentum indicated by long body bullish daily candle and high volumes.

After the fresh breakout, the stock can see a rally towards Rs 1020 on the upside. Supports for the stock is seen at the Rs 850-830 zone on the downside.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 15, 2020 08:16 am
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