Though the long-term outlook remains negative for the stock of Wipro (₹198), in the short term we expect it to remain bullish. Wipro finds an immediate support at ₹175 and the next one is at ₹159.

On the other hand, the stock finds an immediate resistance at ₹228 followed by another hurdle at ₹270. Only a clear close above ₹280 will change the long-term outlook positive for Wipro.

F&O pointers: Wipro November futures closed at ₹198.67 against the spot close of ₹198. Open interests slipped from 16.58 lakh to 15.70 lakh shares even as the stock moved between ₹190 and ₹200. This indicates unwinding of open positions.

Option trading indicates that the stock could move between ₹190 and ₹210.

Strategy: We advise traders to consider buying the 205-call option on Wipro. The contract closed with a premium of ₹2.26. As the market lot is 3,000 shares, this would cost traders ₹6,780.

The premium paid will be the maximum loss one can suffer and that will happen if Wipro fails to move above ₹205 before the expiry. The break-even point is ₹207.26. The profit potential is higher if the stock moves higher sharply.

We advise traders to keep the initial stop loss at ₹1. This can be shifted to ₹2 if the stock opens on a flat or positive note. Aim for a target of ₹3.50-4.50.

Traders can stay away from this strategy if the stock opens at or above ₹205 or below ₹190 on Monday. We advise traders to exit positions by Friday, due to time decay.

Follow-up: We had advised going short on Cochin Shipyard. However, contrary to our expectation, the stock opened and moved up sharply, triggering stop loss.

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading.

Published on November 7, 2026