Hello everyone,
Please let me know what are your views on Wipro share price this week.
I have bought 2 puts of strike price 265.
The share is in extremely overbought zone in 1 day and 15 minutes candle
Thank you for reading.
According to my view: the upper highlighted area is now resistant and down highlighted area now becomes support.
There is a major supply zone near 300 (it’s all-time high) the stock might be a bit volatile and to break such a strong zone, the price not only needs support from technicals but also from companies fundamentals, if you wanna play along with swing trade.
The best part of the current situation is that Nifty It has broken it’s all-time high and Wipro is yet to do that if nifty It shows signs of stability at that level that might be some positive indications.
For a long term view, you might wanna check the companies fundamentals.
I hope it helps : )
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@Pro_Investor that might be an opportunity to sell calls of above 300 level, because the market seems to be in an overbought situation and the fundamentals and nifty It doesn’t look promising.
yeah might be, but still waiting for the confirmation signal from nifty It might be good.