Wipro and Nifty Technical Levels for May 13

By | May 13, 2011

WIPRO

Wipro is looking weak on Daily charts as it near its lower end of trendline.Wipro is unable to cross short term moving average of 50 SMA making it a sell on rise candidate.

Volume are lower end and a break of trendline low can lead ti a breakdown till rs 400 is possible on charts

Sell below 431.6 Tgt 430,426 and 421

 

 

Nifty Hourly

On Hourly Charts Nifty has again generated a Sell yesterday, Look out for trendline support mentioned in the charts.

If 5450 gets broken we are in for some very bearish times.Exit your long holding if 5450 gets broken and Nifty closes below it.

 

Nifty Daily

As said in Yesterday’s Post Bearish Flag Formation and it came into effect with a correction of 1.7% and nifty closing below 5500 giving an upper hand to Bears.

Break of 5475 today will lead to more weakness can quickly slide till 5443.

Instead of good IIP numbers market was pounded indicating the selling pressure which we are seeing and technically weak structure of market.


Levels to watch Today

Buy above 5511 Tgt 5547,5572 and 5595

Sell below 5475 Tgt 5450,5415 and 5354

 

Never Ever trade based on your emotions Always have a Plan and a System to trade with.

Contact me @ 09985711341 for Knowing the details of Trading System.

Leave a Reply