Wipro among five technical stock picks for Thursday

Technical analysts have identified Wipro, NHPC, Sagility, L&T Technology Services (LTTS) and Hexaware Technologies as potential trading opportunities for Thursday, October 22. Economic Times Markets reported the recommendations on October 21, with bullish chart signals tempered by overbought readings in several names.

The recommendations come after Indian equities surrendered strong early gains. The report attributed the reversal to elevated crude prices and continued foreign institutional investor selling, which outweighed optimism over India–US trade negotiations. Autos, financials, metals and realty faced profit-booking, while information technology stocks held up comparatively well.

Analysts cited resilient second-quarter earnings and domestic institutional buying as supports for the market. However, weak market breadth and persistent foreign selling remained reasons for caution.

Wipro: breakout accompanied by an overbought warning

Sachin Gupta, vice-president for technical research at Choice Equity Broking, described Wipro as having broken above a descending channel on its daily chart. A subsequent pullback and firm closing candle suggested renewed buying interest.

The stock was above its 20-day, 50-day and 100-day exponential moving averages (EMAs), supporting Gupta’s positive assessment. Its relative strength index (RSI) was 72.86, a reading he interpreted as strong momentum but also overbought territory, leaving room for short-term volatility.

NHPC and Sagility: support levels underpin the case

Gupta’s NHPC assessment centred on a rebound from the 200 EMA on the weekly chart, close to a major support area. He identified ₹78 as a potential upside target that also coincided with resistance near the 100 EMA.

NHPC’s weekly RSI of 41.03 pointed to relatively weak momentum. The positive case therefore depended on the recovery from support continuing, rather than on an already strong momentum reading.

For Sagility, Gupta highlighted a bullish pin-bar candle near a rising trendline on the daily chart, interpreting it as evidence of buying at lower prices. The stock was above its key moving averages, while an RSI of 50.45 indicated neutral momentum with potential to strengthen if buying continued.

LTTS and Hexaware: sharp gains, conditional entries

Virat Jagad, senior technical research analyst at Bonanza Portfolio, highlighted LTTS after it closed at ₹3,996.30, up 10.66%, and moved decisively above resistance at ₹3,843. He cited heavy trading volume and a price above all four EMAs referenced in his assessment as supportive signals.

LTTS’s RSI stood at 74.80, indicating strong momentum alongside overbought conditions. Jagad suggested a staggered entry around ₹4,000 with strict stop-loss discipline.

Jagad also highlighted Hexaware Technologies, which closed at ₹604.60 after a 5.28% rise and a breakout above the ₹580 resistance area. Expanded volume and a move above all four referenced EMAs supported his assessment, although an RSI of 75.69 indicated elevated overbought risk.

His suggested Hexaware entry was near ₹605 only if momentum continued, with a stop-loss at ₹570.

Trading levels are not assured outcomes

These are attributed technical trading assessments, not guaranteed returns or BharatVox investment recommendations. The publisher-page text available for this account does not specify entry prices, numerical stop-losses and targets for every stock; those missing levels should not be inferred.

The publisher’s disclosure says the recommendations belong to the respective analysts or brokerages and advises readers to consult the original research and make their own investment assessment.