Business Daily from THE HINDU group of publications
Tuesday, Jan 13, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Jan 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Home Page
-
Stocks Markets - Recommendation
We recommend a sell in Wipro stock from a short-term trading horizon. It is apparent from the charts of Wipro that it has been on a long-term downtrend from its February 2007 peak of Rs 690. Since then the stock has been forming lower peaks and lower troughs. In September, this downtrend accelerated and the stock witnessed a steep decline. However, the stock found support at Rs 181 in late October and bounced back. We notice the formation of a descending triangle pattern spanning over the past two months, with the lower horizontal line at Rs 220. This pattern is a bearish continuation pattern. On January 12, the stock plummeted by 9 per cent, accompanied with heavy volume. The stock is currently testing the lower horizontal line. The weekly relative strength index (RSI) features in the bearish zone.We are bearish on the stock from a short-term perspective. We anticipate the stock to penetrate its lower horizontal line and decline until it hits our price target of Rs 204. Traders with short-term perspective can sell the stock, while maintaining a stop-loss at Rs 238. Yoganand D.World Bank to keep out Satyam for 8 years Wipro Q2 profit grows 19%; muted outlook forecast More Stories on : Stocks | Recommendation | Wipro Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2009, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
