Buy Wipro at around Rs 440-430: Bhamre

Buy Wipro at around Rs 440-430, says Siddharth Bhamre, Angel Broking.

Bhamre told CNBC-TV18, "We have been seeing a good built up in TCS. There has been good amount of accumulation of long positions actually before the result season begin. Even Infosys and Wipro has seen good amount of positions getting added. But in Wipro we are slightly bearish. We are seeing good amount of selling pressure coming at higher levels. We are expecting this resistance, which is there around current levels. Infact would continue to hold and we are expecting a dip in Wipro somewhere around Rs 440-430 odd levels where it can again become a good buy."
He further added, "TCS also we are not very bullish because Rs 1200-1240 is good resistance zone for the counter. So we are suggesting to buy some put options of Rs 1200 in TCS. So these two names are attracting lot of open positions; Wipro on the short side and TCS on the overboard side in terms of position. So on both stock, we remain slightly pessimist."