Buy Wipro at current levels: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Wipro was in consolidation at the top of its rally after breaking out in the month of August. In fact, the nature of the IT stocks including Tata Consultancy Services (TCS), Wipro and Infosys were in a phase of sideways consolidation. Wipro found support at its earlier breakout point, so I believe it is a good buying opportunity and if one looks at the recent volume as well as the delivery data it is showing that there is strength in the current up move."

"Above Rs 490 the stock could go to the levels of Rs 515-520, so it is worth buying at current levels," he said. At 14:08 hrs Wipro was quoting at Rs 485.00, up Rs 0.50, or 0.10 percent. It has touched an intraday high of Rs 490.50 and an intraday low of Rs 480.20. The share touched its 52-week high Rs 501 and 52-week low Rs 315.30 on 03 September, 2013 and 31 May, 2013, respectively. Currently, it is trading 3.19 percent below its 52-week high and 53.82 percent above its 52-week low. Market capitalisation stands at Rs 119,557.73 crore.