Vinay Rajani
Wipro has recently registered a new 52-week high with higher volumes. IT sector has been outperforming for the last one month. The stock has already posted its quarterly results which were good.
The stock has broken out from its bullish “Cup and handle” pattern on the weekly charts. It is now trading above all important moving averages, indicating uptrend on all time frames.
Considering the technical evidence discussed above, we recommend buying the stock between CMP and Rs 340 for the target of Rs 390 and keep a stop loss at Rs 335 on a closing basis.
The author is Technical Analyst, HDFC Securities
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