TECHNICAL ANALYSIS OF WIPRO & DAILY CHART

POSITIONAL :

“BUY WIPRO ABOVE 600 TGT 620/640”

DAILY RESISTANCE: 596, 603, 621,639
DAILY PIVOT POINT: 585
DAILY SUPPORT:  578, 567, 549, 531

Primary trend of the stock is bullish and is consolidating at the higher level after showing correction. It is expected to continue the bull run with the crossing of the resistance level of 603, as the stock is sustaining above its 200 and 50 days moving averages. One may initiate the long position above the mentioned level for the targets of 620/640 and with the strict stop loss of 560.

Moving Average of Wipro Ltd.                                                                                                      

Current Share Price	584.60
Fifty Days	555.69
Hundred Days	580.46
Two Hundred Days	581.85

TODAY RESULT:

Wipro 's first quarter consolidated profit declined 3.7 percent sequentially to Rs 2,187.7 crore, impacted by lower other income and higher finance cost. However, the country's third largest IT company met street expectations on revenue front. Revenue grew by 3 percent quarter-on-quarter to Rs 11,577 crore and dollar revenue increased by 0.9 percent to USD 1.79 billion in the quarter ended June.
MARKET SUMMARY FOR 23 JULY 2015

The Sensex is down 134 points or 0.5 percent at 28370, and the Nifty is down 44 points or 0.5 percent at 8589. About 1525 shares have advanced, 1316 shares declined, and 167 shares are unchanged. Tata Motors, Dr Reddy's Labs, M&M, Maruti Suzuki and NTPC are top gainers in the Sensex. Among the losers are Lupin, Bajaj Auto, Tata Steel, Bhart Airtel and HUL. 

SECTORS & STOCKS

Sectors like Healthcare, Capital Goods, Banks, IT, Metal and Power slumped between 0.3-1%. However, Consumer Durables index has surged over 1.5% followed by sectors like Auto, Oil & Gas, Realty and FMCG, all gaining between 0.3-1%.Banking majors such as ICICI Bank, HDFC Bank and Axis Bank lost 1-1.2% each. The Reserve Bank is likely to keep interest rates on hold in the next month's monetary policy meet, but may slash the key lending rate by a 50-75 basis points by March 2016, .The investment firm believes that the RBI will leave the interest rates unchanged in its August 4 policy review meet given the acceleration in June headline CPI inflation and increase in core CPI for the third consecutive month. Tata Steel was down nearly 4% on weak industry outlook with the global crude steel output slipping 2%. Among its peers, Hindalco and Vedanta have lost up to 1%. Shares of Cairn India rallied nearly 7% on the NSE, on media reports that Britain's Cairn Energy Plc is set to vote against Vedanta buyout offer for Cairn India's minority shareholders.