Wipro: Resilient Recovery Back Into the Ascending Channel

Wipro has shown impressive strength recently, bouncing back into its well-established ascending channel on the daily chart. Here are the key observations:

Channel Recovery:
After briefly dipping below the channel on January 17, the stock quickly recovered and closed back within the channel the very next day, demonstrating strong buying interest at lower levels.

Current Momentum:
The stock is trading near the upper half of the channel, indicating bullish momentum.
The breakout attempts suggest that buyers are dominating at current levels.

Support and Resistance:
The lower boundary of the channel around ₹290 acts as strong support.
Immediate resistance is seen at ₹320, near the upper edge of the channel. A breakout above this level could lead to further gains.

Indicators:
The RSI is trending upwards and is currently above the neutral zone, supporting the bullish outlook.
A sustained move above ₹320 could push the RSI into overbought territory, requiring cautious optimism.