Wipro, SBI Life, Bharti Airtel: Trading strategies for these buzzing blue-chip stocks

Domestic stock  indices extended recent gains on Wednesday ahead of the kickstart of Q4 earnings season. The BSE Sensex gained 354.45 points, or 0.47 per cent to settle at 75,038.15. The NSE Nifty index added 111.05 points, or 0.49 per cent, to end the session at 22,753.80.

A few buzzing blue-chip stocks namely Wipro Ltd, SBI Life Insurance Company Ltd and Bharti Airtel Ltd will be under the spotlight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Friday's trading session:

Wipro | Range-bound | Resistance: Rs 500 | Support: Rs 465
Following a peak near Rs 546, Wipro has experienced profit booking in recent weeks. Oer the past three weeks, it has established a base in the Rs 465-470 zone on the weekly timeframe. Indicators and oscillators present a mixed signal with a bullish stochastic and a bearish MACD leading to uncertainty regarding the directional move. Nevertheless, a firm support is evident around the Rs 465 level on the downside. If this support sustained, a pullback towards Rs 500 is anticipated. A significant upside seems improbable at this juncture.

SBI Life Insurance Company | Buy | Target Price: Rs 1,610 | Stop Loss: Rs 1,440
SBI Life is now showing signs of a potential turnaround after experiencing a significant profit booking over the past two months. In the last two months,  the stock declined from a peak of Rs Rs 1,570 to a low of Rs 1,447. The price action has yielded a breakout from a falling wedge pattern, suggesting a possible reversal in trend. Additionally, the stock has commenced trading above all its key moving averages, accompanied by the formation of a Hammer candle at lower level, indicating a shift from a bearish to a bullish price trend. Considering these factors, it appears that Sbi Life may undergo a pullback towards targets as high as Rs 1,610. It is advisable to consider initiating a buy trade within the range of Rs 1,490-1,500 setting a stop loss at 1,440 on a daily closing basis.

Bharti Airtel | Buy | Target Price: Rs 1,310 | Stop Loss: Rs 1,160
Bharti Airtel has maintained consolidation above the middle band of bollinger over the last few days. Despite a previous range breakout leading to a throwback, the stock has held onto support at the 20-day SMA aligning with the line of parity on the daily timeframe. The recent formation of a bullish candle near the crucial support indicates a potential upside move.  Anticipating the continuation of the recent momentum, we recommend traders consider buying in the range of Rs 1,210-1,220, setting a stop loss at Rs 1,169 and targeting Rs 1,310.


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