Wipro shares a slow-mover but can rally to Rs 335-360 in next 2 weeks: Anand James
Wipro is usually a slow mover, but the ongoing uptrend is replete with bullish continuation patterns, which can make the stock rally towards Rs 335-360 region in the coming fortnight, says Anand James, Chief Market Strategist, Geojit Financial Services. Edited excerpts:
Nifty looks on track to end the month on a negative note. What would be your trading strategy on the monthly expiry day, particularly because it comes just ahead of the Budget?
With a 2% negative return so far, January appears to end the same way as December which also closed 2% down. But despite the consecutive negative months, it must be noted that unlike October 204, which saw a 6.2% fall, the subsequent months’ close have not been too deep in the red, pointing to the presence of buying interest. This is visible as we head into the budget week, which usually rides on positive expectation despite history pointing to muted reaction on budget day as well deeper cuts in February. However, given the parallel consolidation that we are in, for the last few days, we are encouraged to look for a positive surprise that could aim for 23850-23950. Negative surprises, in the event of rejection trades yet again from 23400 or a direct fall below 22940, could aim for 22260, but the prospects of the same look limited for now.
If Nifty ends the January series on a negative note then it will be the fourth consecutive month of negative closing. Do you see chances of a mean reversion happening in February?
Yes, this is the first time after 2001 that the Nifty50 is
