Stocks to buy this week: Wipro, Eicher Motors, IPCA Labs among 9 technical picks; do you own any?
Markets brace for January storm as retail, institutions face off in derivatives (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Wipro has made a solid base near ₹400–420 levels. The time retracement is 0.886 approximately, along with a price retracement of 0.618 approximately on the monthly timeframe.
Additionally, it is sustaining above all major exponential moving averages. Moreover, monthly Stochastics have reversed from the 50 level, which is looking lucrative. "We advise traders to go long in the stock in the range of ₹465–475 with a stop loss of ₹440 for the upside target of ₹530," said Patel.
Since the last week or so, this counter has gained momentum. From a retracement perspective, alternate wave retracement comes exactly near 0.618 and 1.628 of its previous up moves, thus making it a lucrative buy. Time and price retracement are falling at the same length, which is a strong indication of bottoming out.
(Time retracement is 100 per cent and price retracement is 0.786 per cent) On the indicator front, the weekly RSI has reversed from 50 levels, which further confirms our bullish stance on the counter. "One can buy the stock in the zone of ₹305–312 for a target of ₹355 and a stop loss of ₹285 on a daily closing basis," said Patel. Clean Science had been consolidating between ₹1,330 and ₹1,430.
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