October 8, 2018 / 4:45 AM / 7 months ago

BUZZ-India's Wipro hits 4-1/2-week low; may test support at 309.7 rupees - technicals

** Shares of Wipro Ltd fall as much as 3.29 pct to 314.6 rupees, their lowest since Sep. 5

** Stock breaks below a support at 318.5 rupees, the 23.6 pct Fibonacci retracement level of the uptrend from June 6 low to Sept. 24 high tmsnrt.rs/2PlqYRh

** Stock’s wave pattern suggests it is in wave C of a three wave corrective pattern

** Current wave is expected to travel the same distance as wave A, and therefore, stock price is expected to fall up to 309.7 rupees, the 100 pct Fibonacci projection level of wave A

** Stock up 3.52 pct this year as of last close, while the broader NSE index is down 2.03 pct in the same period (Reporting by Gaurav Dogra)

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