Stock name: Wipro
Pattern: Head and Shoulder pattern
Time frame: Daily
Wipro has been in a downtrend for a year and has fallen about 50% from its peak. Currently it has formed a head and shoulder pattern, which is a bearish pattern and if the stock breaks the neckline of the said pattern, then it travels the distance equal to the distance between the neckline and the top of the head.
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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) Shares of Shantidoot Infra Services Limited made a stellar debut on BSE SME exchange today. Shantidoot Infra Services Limited share price today opened at Rs. 105 a piece on BSE SME exchange, delivering around 30% premium to the allottees against its issue offer of Rs. 81 per equity share.
2) A comprehensive new study by the World Bank suggests that the world may be edging toward a global recession in 2023 amid simultaneous rate hikes by central banks across the world.
3) The hotel-booking company OYO filed fresh financial documents on Monday and is now targeting an IPO in early 2023 provided that India’s stock market continues to hold up and economic conditions improve, according to people familiar with the matter.