Wipro has broken out of a rectangle pattern at Rs 602 levels on March 17 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. Stock is trading above its 21 & 50 – day exponential moving averages on the daily time frame, which is positive for the prices in the near term.
RohanPatil
March 24, 2022 / 07:10 AM IST
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Rohan Patil, Technical Analyst at Bonanza Portfolio
Indian bourses saw a gap-up opening on March 23, but couldn’t hold on to its opening gains and started to trade below 17,400 levels. And later on, it extended selling and finally closed below 17,300 levels on the daily time frame.
From the last three trading sessions, Nifty is trading within a very narrow range of almost 200 points but each time it was successful to close above its 50-day exponential moving average on the daily chart which is placed at 17,069 levels and acting as an immediate anchor point for the index.
Prices on the daily chart have filled its continuation gap formed on March 17 and have found strong support near its 50 percent retracement from its previous fall which is placed near 17,000 levels. The prices on the intraday chart are trading within the higher high higher low formation since March 8. On the oscillator front, RSI (14) is reading above 50 levels which are above its trend line support on the daily scale.
The volatility indicator India VIX is stuck in a broad range of 20.75 to 25 for the past few days. VIX needs to settle below 20 levels on the daily chart to witness some cool off in the volatility.
On the higher side, if the index closes above 17,450 levels, then 17,700 will be the next level to watch out for. On the flip side, 17,000 is currently acting as immediate support for the index and if prices drift below this level then 16,800 will be tested again on the lower side.
Here are three buy calls for next 2-3 weeks:
Mahanagar Gas: Buy | LTP: Rs 771.30 | Stop-Loss: Rs 730 | Target: Rs 840 | Return: 9 percent
Since September 15, 2021, prices are trading in a lower low lower high formation within the falling channel pattern on the daily time frame. On the March 14, 2022, the stock witnessed a breakout of a falling channel pattern and since then prices are consolidating above its trend line support and completed its throwback of the bullish breakout pattern.
We have seen a range breakout in the momentum oscillator RSI (14) above 45 levels with positive crossover on the daily interval.
While coming to a weekly chart, RSI (14) has given a strong bounce back from its oversold zone and currently trending near 35 levels. We are witnessing a rise in the volume activity so accumulation at current phrase cannot be ruled out.
SBI Cards & Payment Services: Buy | LTP: Rs 863.30 | Stop-Loss: Rs 830 | Target: Rs 915 | Return: 6 percent
Prices have shown a smart recovery from the lower levels and have formed a Bullish Engulfing candlestick pattern on the weekly time frame.
On the daily chart prices consolidated for the three consecutive days and finally gave a breakout above its smaller degree downward sloping trend line on March 23. The majority of the indicators and oscillators are in a bullish range shift zone which indicates a positive momentum ahead. The price also closed above its 21 & 50 DEMA (day exponential moving average) and is acting as a strong support for the counter.
Wipro: Buy | LTP: Rs 611 | Stop-Loss: Rs 586 | Target: Rs 650 | Return: 6.4 percent
The prices were trading in a rectangle pattern for the past two months and have formed a trendline resistance at Rs 600 levels.
Wipro has broken out of a rectangle pattern at Rs 602 levels on March 17 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. Stock is trading above its 21 & 50 – day exponential moving averages on the daily time frame, which is positive for the prices in the near term.
The MACD (moving average convergence divergence) indicator is reading above its centerline with a positive crossover above its signal line. Momentum oscillator RSI (14) is trading near 60 levels and has given a horizontal trend line breakout which indicates positive momentum will like to continue ahead.
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