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Shares of Wipro Ltd fell as much as 3.29 per cent to Rs 314.75, its lowest since September 5.
At 10.45 am, the stock was quoted at Rs 318.55 on the BSE and was exactly trading at the support level.
Since the stock has broken below the support level of Rs 318.5 in the morning trading session, which is the 23.6 per cent Fibonacci retracement level of the uptrend from June 6 low to Sept. 24 high, the stock price has turned weak.
The stock's wave pattern suggests that it is in wave C of a three-wave corrective pattern
The current wave is expected to travel the same distance as wave A, and therefore, the stock price is expected to fall up to Rs 309.7, the 100 per cent Fibonacci projection level of wave A.
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