In my previous post, I emphasized that the broader IT Index has the potential to outperform the market as it enters the minor 3rd wave of the major 5th wave. Among the various stocks in the indices, WIPRO appears to have a more favorable technical setup, which could result in a significant gain of approximately 40%-50% over the next 6-8 months. The decision to choose WIPRO is based on several parameters:
1. Wave Analysis - WIPRO has recently entered the 3rd wave.
2. Price action -The previous two-year consolidation was successfully retested
3. There are fewer upward resistance points (only two main supply and resistance zones).
4. The risk-reward ratio is 1:3.3, which is considered very healthy.
All the necessary information for entry, stop loss, target, and wave count can be found on the chart. We will closely monitor the stock movement and provide updates accordingly. However, it is important to remain cautious of the upcoming US election, as the IT industry is more influenced by and dependent on the US economy than the Indian economy.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
1. Wave Analysis - WIPRO has recently entered the 3rd wave.
2. Price action -The previous two-year consolidation was successfully retested
3. There are fewer upward resistance points (only two main supply and resistance zones).
4. The risk-reward ratio is 1:3.3, which is considered very healthy.
All the necessary information for entry, stop loss, target, and wave count can be found on the chart. We will closely monitor the stock movement and provide updates accordingly. However, it is important to remain cautious of the upcoming US election, as the IT industry is more influenced by and dependent on the US economy than the Indian economy.
Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise