Wipro may slips to Rs 360, says Kulkarni

Wipro is expected to move to around Rs 360 in the next couple of trading sessions, says Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, "From a trading perspective one should be short Wipro and should not take any positions in case of Infosys, that is the ideal scenario. Because right now Wipro incidentally has hit a new six month low and I think that going forward you will see further deterioration in the stock price. So, we are of the opinion that stock may move to around Rs 360 in the next couple of trading sessions. Rs 360 is the primary target that we are working with." He further added, "In case of Infosys after the previous quarter results everybody on the street as of now feels that you should be looking at straddle positions wherein you buy a 2600 call as well as the put and you expect a big move in case of Infosys in tomorrows trading session either on the downside or on the upside." "At this point of time I don’t think Infosys will show big move probably 3-4% either on the upside or on the downside but nothing more than that is actually expected because if the stock dips the stock will then show positive divergence and you will see that there will be buying at lower levels. So, by chance the stock goes to Rs 2200-2250 I think it’s a great time to buy into in Infosys at those levels whereas if the results are inline with the expectations or probably above expectations the overall broader picture on the weekly charts suggest that any move to Rs 2600-2650 will face massive resistance in case of the stock. So we are looking at you take the positions post the results if you have to before that you can actually just stay out, you can stay short in case of Wipro."