Wipro, JSW Steel, PTC India: Trading Strategies for these buzzing stocks

Domestic stock indices settled sharply lower on Wednesday, extending their recent weakness on fall in index heavyweight IT stocks. The BSE Sensex tanked 535.88 points, or 0.75 per cent, to settle at 71,356.60. The NSE Nifty fell 148.45 points, or 0.69 per cent, to end the day at 21,517.35.

A few stocks namely PTC India Ltd, JSW Steel Ltd and Wipro Ltd will be in focus today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

PTC India | Range-bound| Resistance: Rs 202 | Support: Rs 175
PTC India has maintained a sideways trend in recent days, lacking a clear directional move. Notably, on the daily chart, the stock has encountered strong resistance around the Rs 198-202 levels, which was near its December 2023 peak. The daily RSI is also in a state of ambiguity with a bearish crossover above the 60-mark. Conversely, a support base has been established around the Rs 175 levels. Therefore, a decisive breakthrough in either direction is crucial to signal a unidirectional move.

Wipro | Caution | Resistance: Rs 490 | Support: Rs 430
Wipro exhibited a sturdy technical framework with a pattern of higher high and higher low formations on the weekly chart. Both the daily and weekly MACD indicators are reinforcing the existing strength. The momentum indicator RSI, is in a positive position. The stock’s structure is notably impressive, trading above all crucial moving averages. Given the present momentum, there is potential for the stock to further advance towards the Rs 490-500 levels, where it may encounter its next resistance. On the downside, the Rs 430 level is anticipated to serve as a formidable demand zone.

JSW Steel | Caution | Resistance: Rs 870 | Support: Rs 800
JSW Steel has recently witnessed a significant upward surge, in line with the broader rally in the metal sector. However, the recent breakdown, accompanied by substantial trading volumes, emphasises the existence of strong resistance levels at higher prices. In this scenario, adopting a cautious approach and waiting for clearer signals and price stability, before making any decisive moves, is advisable. It is noteworthy that the stock has a critical support level in the range of Rs 800-820. A breach below this level could trigger additional selling pressure, potentially leading to a decline towards Rs 765.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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