Buy Wipro on dip, target of Rs 470: Amit Gupta

Amit Gupta, Head-Derivatives at ICICI Direct told CNBC-TV18, "I am positive on Wipro. If we look at the Open Interest closure in any of the IT stocks in the last couple of weeks, it has been quite high in Wipro and it is clearly short covering."

He further added, "Nifty has come down from 6100 to 5700. Wipro has gone up from Rs 400-440, so that shows how it has outperformed the index. I think Rs 470 can be the target that one can look at. Buy on dips and at Rs 430-435 levels accumulate this stock. Keep a stop loss below Rs 410, because we have seen some delivery based buying happening around Rs 400-410."