Wipro, TCS, LTIMindtree: Key Technical Levels to Watch Before Market Opens

Pravesh Gour, Senior Technical Analyst at Swastika Investmart, shares his insights on key stocks ahead of Wednesday's trading session.

Wipro recently broke out of a cup and handle formation on the weekly timeframe and has retraced to retest the breakout level, forming a pin bar candle pattern. This level is crucial, as a resurgence in bullish momentum could push the stock toward ₹320 in the short term and ₹350 in the mid-term. However, a dip below ₹290 may trigger fresh selling pressure, dragging it down to ₹280, where the 100 DMA is positioned.

Tata Consultancy Services (TCS) has seen profit booking from higher levels and is currently trading near a critical trendline support. A breakdown below this level could lead to further weakness, with the next support zone around ₹3,900. The overall structure appears weak as the stock is trading below all key moving averages. Any pullback is likely to present a selling opportunity unless the stock reclaims its 200 DMA at ₹4,125. A successful reclaim of this level could trigger a short-covering rally toward ₹4,200, where the 100 EMA is positioned.

LTIMindtree has shown signs of bottoming out, forming a hammer candle pattern at its 200-DMA, which acts as a strong support level at ₹5,570. On the upside, there is significant room for movement, with the next resistance zone around ₹6,000, where multiple moving averages, including the 20, 50, and 100 DMA, are clustered. A breakout above ₹6,000 could trigger short-covering, potentially driving the stock toward ₹7,000 in the short term. However, a breakdown below the 200 DMA at ₹5,570 could lead to further weakness, with the next support level at ₹5,300.

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TCS, Wipro, LTIMindtree: Key support & resistance levels for these buzzing IT stocks - Business Today

TCS, Wipro, LTIMindtree: Key support & resistance levels for these buzzing IT stocks - MSN