Information Technology or the IT sector may be facing its own troubles, because the boom in USA of 2000s and the new social media boom after 2010 cannot be repeated again and again. In US only FAANG Stocks [Facebook, Apple, Amazon, Netflix and Google] gave stupendous returns to investors, but now they are also facing a trouble. Similarly mostly our IT companies are based on outsourcing and not on developing, but that is another thing.
Now if we see technical charts of Wipro on monthly basis, we have a clear support around 309 on pivot basis, here stock will go into bearish trajectory. We have a stiff resistance around 357.80 and 384.95. I see breaking 360 is difficult in short term, and company has also announced a bonus issue of 1:3 and dividend of Re.1 per share. One can hold position with sl around 330. No fresh buying recommended at this levels. Because stock will only be able to boom after taking support above 384 which seems too difficult seeing market conditions, and global issues and uncertainties of trade war and brexit. Europe has emerged to be a global tech giant in few time, most tech companies have been here.
