Wipro has shown good strength and featured in the list of the strong stocks in the past 10 trading sessions, If we look at the setup, the stock is trading perfectly within a channel. Recently, it took support at the lower end of the rising channel and has crossed its key hurdles, The upper of the rising channel is around the 850 levels. In term of wave counts, wave (iv) correction looks like completed, and now wave (v) can be possibly unfold, If we assume that wave (v) can be equal to wave (i), then it can show the level of 815 upcoming, On the way down 20DMA and 50DEMA can provide immediate good support which are pegged near 648 and major support is recent swing low at 598.
All the key levels are mentioned on chart Parallel channel structure Wave structure could be like this macd in weekly uptick macd in daily positive and uptick and above zeroline rsi in daily breakout and above 60 with uptick adx dmi positive bollinger band action
Disclaimer I am not sebi registered analyst My studies are for educational purpose only Consult your financial advisor before trading or investing I am not responsible for your profits and losses