Wipro, Cipla, Hindustan Aeronautics: What should be your trading strategy?

Amid muted global cues, domestic stock markets ended Thursday's session in the red. The BSE Sensex shed 35.68 points, or 0.06 per cent, to settle at 61,904.52. The NSE Nifty fell 18.10 points, or 0.1 per cent, to close at 18,297. A few large cap stocks including Wipro, Hindustan Aeronautics and Cipla have been in news of late. Here is what Rohan Shah, head technical analyst at Stoxbox has to say on these stocks ahead of Friday's trading session:Cipla | Avoid | Resistance: Rs 1,020 | Support: Rs 915 | Cipla has been trading in a narrow range over the last three sessions ahead of its quarterly earnings. The stock slid 28 per cent from the all-time high levels and was making an attempt to recover. The pharma stock has immediate resistance in the Rs 950-945 range, off a minor gap-down area. The RSI is suggesting a reading of 63 and is showing no divergence against the price. This indicates a room for further thrust in the price momentum. The stock is anticipated to attract further bullish strength for an upside towards Rs 1,020 level on a decisive close above the mentioned resistance zone. The level of Rs Rs 915 will act as a key support level.Wipro | Hold | Target Price: Rs 395-400 | Stop Loss: Rs 370-365 Wipro is trading in a descending channel pattern since August 2022. In the last two weeks of April, it saw a decent rally from the lower range of the channel. The scrip consolidated last week amid lower volumes. The stock has also taken support of a short-term moving average that is 10-WEMA. This coming week, the  stock should touch a higher range of the channel Rs 395-400 zone. On the down side, the Rs 370-365 levels will act as a strong support for the stock.Hindustan Aeronautics | Buy | Target Price: Rs 3,320-3,640 | Stop Loss: Rs 2,900 | Hindustan Aeronautics registered a breakout from potential Volatility Contraction pattern, which is a bullish sign from a short-to-medium term trend. Generally, such kind of contraction on improving relative performance signifies inherent strength in price. Furthermore, on a lower time frame chart, the stock is showing a breakout from potential bullish Flag price pattern with supportive volumes highlights bullish momentum in price. The RSI is trading above the 60 reading on the daily chart and on higher time frames, with no divergence against the price, validating bullish bias on price. In the near term, the stock see an intermediate hurdle around Rs 3,130-3,150 zone, a sustenance above the same shall attract fresh buying momentum taking price towards Rs 3,320 level. In medium term, the stock may move  towards Rs 3,640. While on the flip side, the Rs 2,900 level may act key support for the stock in the short run.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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