Wipro – Swing trading:
- Things are looking bad for WIPRO. 30% down from ATH, still under heavy selling pressure.
- Invalidated the weekly demand zone between 525-545. Expect more selling until and unless this zone is reclaimed.
Wipro – Swing trading | Update (11 May):
The price is going as expected. There can be pullbacks to liquidate excessive shorts.
Wipro – Swing trading | Update (17 May):
- The initial plan worked out perfectly. We saw about 10% fall from our levels.
- A potential short-term relief rally is on the cards.
- Either take longs with stop loss as 462 and ride it until 520-530.
- Or wait for the price to reach and react with 530-540 and then open shorts accordingly.
- The HTF is still bearish.
