• Trading Account
  • Downloads
  • Nifty Options OI
    • Nifty Max Pain Chart
    • Nifty Option Change in OI Chart
    • Nifty Put Call Ratio
    • Nifty Option Total Change in OI
    • Nifty Trend Finder
  • BankNifty Option OI
  • About Us
  • Learn Technical Analysis
    • Advance Option Trading Course

OurNifty.com

A Indian Stock Market Blog

  • Forex
  • Gold
  • Intraday Stocks
  • Midcap Stocks
  • Multibagger
  • Nifty
  • Nifty Option
  • NSE
  • Amibroker

Wipro Has Strong Resistance at 411 Level, Go Short on Wipro December Future

By Bhaveek Patel Leave a Comment

Wipro after very good bounce in last few days trading session, has now entered its resistance zone which is confirmed by 100 EMA (Exponential moving average) and 23.6% Fibonacci retracement level. So this level (411 level) can act as very strong resistance for this stock and we may see the stock to move lower towards 400 and then 395 levels. Traders can take advantage of this move by going short on Wipro December future in range of 410 to 413 for downside targets as 400 and then 395 levels. However we also advice traders to place their stop loss orders just above 415 level (On closing basis only), which will contradict our trade setup. Yesterday there was 22% jump in open interest and stock was up by 3%. There must be some long build up, but still we will take short position on Wipro future. Going back to charts we have found that 411 has earlier acted as strong support and that strong support was broken, so it is now a strong resistance level.
Looking at Nifty futures we see there is now significant risk in market so taking positions in either direction will involve high risk, remember we have tomorrow reserved for EU Summit, where the resulting outcome (NEWS) will drive market further. However we will discuss a Jackpot options strategy tomorrow morning, so take the advantage of it by actively participating here. You can also learn how to do this analysis by joining our Technical Analysis Course or Call us @ +91-9970777789.

Wipro Future Long / Short (tips): Traders must short Wipro December future in range of 410 to 413, for targets as 400 and second target as 395. Stop loss for this positions should be placed at 415. Risk reward ratio is more than 1:2, hence low risk and high returns.

Share4
Tweet
Pin
5 Shares

You Should Read This:

  1. Stock At Resistance: Short sell Vijaya Bank Future near 55 to 56, Target 51 level, Poor Q3 Results Vijaya bank has declared its Q3 results on Wednesday and this quarter was a lag for the bank. The Q3 profit of company has declined by 18% to Rs.124 crore against Rs.152 crore in same...
  2. Nifty Future Major Resistance at 5000 level, Short Selling opportunity in Nifty Futures December Series An increase in US Dollar liquidity by group of major Central Banks, has given very good surprise by reducing over night swap rates of USD by 50 bps. This has led all the stock markets...
  3. Next Strong Resistance for Nifty futures at 4960 level, Short Selling Opportunity Nifty future last week bounced from very good support level, but this bounce was a technical bounce and fundamentals had not changed at all. I am still of the view that nifty will be add...
  4. NIfty Future Chart Shows 5400 as Key Resistance Level, Short Sell Nifty Future Nifty future has rallied from 4550 level to current 5370, being an 800 points positive move straightway. But for now key resistance for nifty spot lies at 5400 level. Moreover nifty 5400 call option has...
  5. Nifty Futures Has Strong Resistance at 5200 level, Next Week Trading Advice is Short Sell Nifty Futures at 5200 level Nifty futures has consolidated through this week we have seen the range for this week in nifty future was 4900 to 5166. We would initiate short positions in nifty futures at 5200 levels for downside...

Category: Short Term Stocks Tags: December Future/ Nifty Futures/ Strong Resistance/ Wipro

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. MAHESH says

    Dear sir,

    as per your Wipro call today 08.12.2011 the stock high was 409 and it went down till 400 .
    can u tell me how can i trade in this idea..?

    Reply
    • Bhaveek Patel says

      Hi Mahesh, If you have read the article correctly, we are talking about wipro December future contract. It is not equity (cash) level but its wipro futures, Mahesh if you have any queries on any any stock then do let us know. Happy to help always.
      Regards,
      OurNifty.com Support Team.

      Reply
  2. ujjwal sinha says

    can i buy wipro for delivery as dollar is strong and it will profit company. reply

    Reply
    • Bhaveek Patel says

      Ujjwal I would not recommend buy on wipro, untill it closes above 423 level for 2 days continuously. So you need to wait and watch for now.

      Regards,
      OurNifty.com Support Team.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post: Crompton Greaves is Offering Short Selling Trade Setup, Stock Trading Near Resistance
Next Post: Nifty Options Trading Stratregy, How to Trade EU Summit News Events Using Options, Buy Nifty 4800 Put and Nifty 5000 call

Advance Options Trading Course

options trading course

Lowest Brokerage Trading A/c

Lowest brokerage trading account opening in India

Learn Technical Analysis

technical analysis course

Recent Articles

  • ASX Penny Stocks List for 2023
  • 7 Ways to Boost Your Revenue
  • NYSE Penny Stocks List for 2023
  • Short On Cash? Here’s How You Can Manage Your Priority Spends
  • FREE Webinar on Option Chain Analysis
  • LSE Penny stocks list for trading in 2023 Should you buy?
  • BSE Penny Stocks List 2023

Popular Categories

Amibroker Finance Forex Gold Intraday Stocks IPO Midcap Stocks Multibagger NEWS Nifty Nifty Option NSE Short Term Stocks Technical Analysis

About Us | Contact Us | Privacy Policy | Disclaimer


Copyright © 2009 - 2023 OurNifty.com Trading ideas published here cannot be reproduced without permission from the author.
OurNifty is Powered by Wordpress and hosted on Digital Ocean