Pravesh Gour, Senior Technical Analyst at Swastika Investmart, shares his insights on key stocks ahead of Wednesday's trading session.
Wipro recently broke out of a cup and handle formation on the weekly timeframe and has retraced to retest the breakout level, forming a pin bar candle pattern. This level is crucial, as a resurgence in bullish momentum could push the stock toward ₹320 in the short term and ₹350 in the mid-term. However, a dip below ₹290 may trigger fresh selling pressure, dragging it down to ₹280, where the 100 DMA is positioned.
Tata Consultancy Services (TCS) has seen profit booking from higher levels and is currently trading near a critical trendline support. A breakdown below this level could lead to further weakness, with the next support zone around ₹3,900. The overall structure appears weak as the stock is trading below all key moving averages. Any pullback is likely to present a selling opportunity unless the stock reclaims its 200 DMA at ₹4,125. A successful reclaim of this level could trigger a short-covering rally toward ₹4,200, where the 100 EMA is positioned.
LTIMindtree has shown signs of bottoming out, forming a hammer candle pattern at its 200-DMA, which acts as a strong support level at ₹5,570. On the upside, there is significant room for movement, with the next resistance zone around ₹6,000, where multiple moving averages, including the 20, 50, and 100 DMA, are clustered. A breakout above ₹6,000 could trigger short-covering, potentially driving the stock toward ₹7,000 in the short term. However, a breakdown below the 200 DMA at ₹5,570 could lead to further weakness, with the next support level at ₹5,300.
TCS, Wipro, LTIMindtree: Key support & resistance levels for these buzzing IT stocks - Business Today
TCS, Wipro, LTIMindtree: Key support & resistance levels for these buzzing IT stocks - MSN
