Tuesday, November 8, 2011

Looking to buy WIT (Wipro Ltd.)


It’s been slim posting and stock picking as well. Been busy with work off late but was searching through some charts and thought this was an interesting play,


It broke out of the little congestion zone there after a fairly quick downwards move and is retesting the earlier resistance acting as support. The overall trend is still down so a fairly tight stop is needed. You could either put a stop-loss just below the 50 day MA or the red line marked in the chart. If the trade succeeds we should see it hit move towards the target zone of 12.50 soon.

Let’s see how it works out.


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