Parag Doctor, Head - Trading Strategies at Keynote Capital expects an upside around Rs 430-Rs 440 levels for Wipro. The stop loss for the same would be around Rs 350-360, he adds.
Parag told CNBC-TV18, "I think one should hold onto Wipro. Technically, Rs 380 is a key support level for the stock. A 200-day moving average is around Rs 380 and below that very strong accumulation has happened in Wipro last year between the Rs 330-350 kind of levels."
He further said, "So the stock is definitely on an upswing and the other stocks in the sector like Tata Consultancy Services (TCS) and Infosys have been outperforming the Nifty for the last couple of months."
"The other positive for the stock is the demerger of its consumer business, which is going to happen in the next couple of months. But that would be a case where value unlocking could happen for the investor. So we expect an upside around Rs 430-Rs 440 levels and the stop loss for that trade would be around Rs 350-360," Parag added.
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