Wipro hits 7-month high; chart suggests further upside

Reuters Aug 31 | Updated on August 31, 2018 Published on August 31, 2018

Shares of Wipro Ltd gained as much as 2.53 per cent to Rs 306.50, their highest since February 1. Wipro stock broke above a resistance at Rs 303.15, the 38.2 per cent Fibonacci projection level of the uptrend from November 9, 2016 low to January 16, 2018 high(wave (5).

The breakout suggests that the 38.2 per cent level will now act as a support, while the stock may move towards the next resistance at Rs 318.45, the 50 per cent level.

Trend intensity (TI) indicator has gone up to 33, suggesting that the stock is in a strong uptrend. MACD is also positive and above its signal line. Wipro stock had gone up 9.45 per cent in the last one month as of Thursday's close, compared with a 3.16 per cent gain for the broader NSE Index.

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Published on August 31, 2018
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