Amidst a volatile market influenced by global tensions, select large-cap stocks like ITC, Wipro, and Vodafone Idea are drawing significant attention from traders. Laxmikant Shukla, Technical Equities Research Analyst at YES Securities, has provided a detailed outlook for these companies ahead of the upcoming trading session.
Vodafone Idea: Buy on Dips Strategy
Vodafone Idea has demonstrated a robust breakout above its previous consolidation range of Rs 12.80–13. This former resistance zone has now transitioned into a strong support base, reinforcing the stock's bullish momentum. Trading consistently above all major moving averages, the technical structure indicates a continuation of its uptrend. The next upside target is identified around Rs 18.
For traders, a strategic approach involves buying on dips near the Rs 12.80–13 support zone. A stop loss should be placed below Rs 11 to maintain a favorable risk-reward profile, as the overall bullish trend remains firmly intact.
ITC: Caution Advised Amid Bearish Signals
ITC Ltd. has recently broken below its previous swing low of Rs 287 on daily charts, signaling a clear bearish shift. Hourly charts further confirm this weakness with a consistent pattern of lower highs and lower lows. The stock is currently trading below key moving averages, and the MACD is in negative territory, reinforcing the bearish outlook.
The previous support zone around Rs 287–290 is now expected to act as a strong resistance. Unless ITC can decisively close above this range, the probability of further downside remains high, prompting a cautious stance for traders.
Wipro: Consolidation Expected with Resistance Ahead
Wipro Ltd. has shown a healthy rebound from lower levels, establishing a strong base near Rs 185–187, where it formed a double bottom reversal pattern. However, profit booking emerged as the stock approached its neckline, exacerbated by a broader weakness in the IT sector.
The stock is likely to remain in a consolidation phase unless it manages to break above the Rs 212–214 resistance zone. Immediate support is identified at Rs 195. A breakdown below this level could potentially push the stock back towards Rs 187 once again, requiring vigilance from investors.
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Always consult with a qualified financial advisor before making any investment decisions.