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In the previous session, the market saw a strong positive opening in the morning and extended gain as the day progressed.  However, in the second half we saw profit booking in the market. In technical parameters, the Nifty Index formed a Doji candle on the chart and closed with a net gain of 156 points. The market looks to be volatile in the coming session. Hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Wednesday, December 22, 2021’ before the market opens.

Wipro Ltd

NSE :WIPRO   BSE :507685  Sector : IT – Software

In the last trading day, WIPRO share prices formed a bullish candle on the chart and closed with a net gain of 3.70%. On the daily chart, we can see that prices have formed a ‘Rounding Bottom pattern’ and are currently placed above the Neckline resistance zone.

Stock is facing hurdles near 670 levels from the past few days. Hence, these levels have now become an important resistance for the stock. In the previous session, closing above its key resistance level will be the indication of upside momentum. Since price has managed to sustain above 5O EMA which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 66, which indicates bullishness.

The momentum on upside remains strong. As per Fibonacci extension levels, stock can take support near 675-680 levels. one can use these support levels as a buying opportunity at a lower price to move higher towards 740 levels. On downside stop loss can be placed near 655 levels.

Check More Analysis on WIPRO at: Wipro Ltd