After making an intraday low at 5164, NIFTY
rebounded to end the day above 5200 support. The Index’s ability to maintain
prices above 5200 is indicating the strength of the trend and the probability
of breaching 5250 resistance level are very bright.
WIPRO was one the best performing stock on the last trading
as it rose 2.1%. However, the overall technical picture of the stock is
terrible as the Trend Score is at -17 indicating sell on all three counts
(short, medium and long). The stock is likely to move higher in the short term
due to deeply oversold conditions; however, considering its weak overall
technical position, the expected pop in prices will likely be limited to Rs 370
levels. At current prices, we recommend traders to cover the short positions.
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