Buy Wipro, target Rs 335: Vinay Rajani

Wipro | Company partnered with Citrix and Microsoft to drive business continuity for customers. (Image: Wikimedia Commons)

Vinay Rajani

HDFC Securities

In Wipro, there is a bullish inverse head and shoulder pattern breakout on the daily charts. The stock price reached above its 50, 100 and 200-DMA, indicating bullish trend reversal for medium to long term.

Also, on the charts, 50-DMA has surpassed the 100-DMA line which indicates the short-term momentum buy signal.

Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 335 and keeping a stop loss below Rs 295 on a closing basis.

Disclaimer: The author is a Technical Analyst, HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.