SMC Global Securities
Wipro made a 52-week low at Rs 253.50 on 6th June 2018 and a 52-week high of Rs 338 on 24th September 2018. The 200-days Exponential
Moving Average (EMA) of the stock on the daily chart is currently placed at Rs 291.30
The short, medium and long-term bias are looking positive for the stock as it is continuously trading in higher highs and higher lows on the weekly chart, which is bullish in nature.
It formed a “Bull Flag” pattern and has given a breakout from the pattern by closing with gains of over 2 percent in the previous week.
Technical indicators such as RSI and MACD are also looking positive for the stock. One can initiate long positions in the range of Rs 318-321 levels for the upside target of Rs 345-350 levels and a stop loss below Rs 300.
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