Technical Calls Wipro,Axis Bank and Praj Industries

By | May 23, 2011

WIPRO Ltd

Wipro has been a range bound Stock from almost a year. Weekly Chart of Wipro is shown range bound Moves in the Range of Rs 372-500.

Stock is forming a higher bottom on each fall and a Higher High before a fall which is a bullish case.

Presently stock is facing a trendline resistance@450 on its Weekly chart as shown with the Blue Line.

Buy above 450 Tgt 459,464 and 469

Sell Below 434 Tgt 428 and 422

 

AXIS BANK

 

Axis Bank has continued with its fall after bad results and now is consolidating in a shallow range to take a further downward side.

Stock is facing selling pressure which is evident of the fact that AXIS bank was unable to retrace 36.2% of its fall from Rs 1500 odd levels.

SELL below 1208 Tgt 1202,1180 and 1163

Praj Industries

Praj Industries on the medium term chart has formed ‘Head &  Shoulder top’ pattern and prices have crossed below the neckline
support of  74 The 200-DMA for the counter was  placed at  RS 75 and hence move below same has reinforced bearish
trend on the long term charts.

The RSI has convincingly dipped below the support of 50 Mark and  every rally is likely to met with stiff resistance.

 

Sell Below 74 TGt 72,70 and 67

 

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