Movers & Shakers: Stocks that will see action this week
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Updated on
Gaining good bullish momentum
The stock of Wipro, which had been rallying since April last year, entered a corrective phase in mid-January this year. The scrip showed some sort of bearish bias as it has been making lower highs and lower lows. However, it was not an all-out downtrend even though the price slipped below both 21- and 50-day moving averages. The price band of ₹400 and ₹410 offered good support and in fact, the stock bounced off the support at ₹400 last week. The rally has taken the price back above both moving averages mentioned above and the resistances at ₹425 and ₹440. The price action on the daily chart i.e., a rally followed by a corrective decline and a strong bounce, is synonymous with a bull trend. Hence, traders can buy with a stop-loss at ₹435 for a target of ₹475.
Indraprastha Gas Ltd signs long term agreement with DTC to supply CNG
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