Buy Wipro on correction: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "The buying in Wipro is now done with. I would not go and buy now. IT stocks are bound to correct. They are giving us the first signs of distribution and that is not related to the rupee-dollar. It is just that after a rally everything corrects. So Wipro would be a buying opportunity only after a correction."

At 12:14 hrs Wipro was quoting at Rs 487.70, up Rs 12.40, or 2.61 percent. It has touched an intraday high of Rs 489.40 and an intraday low of Rs 474. The share touched its 52-week high Rs 501.00 and 52-week low Rs 315.30 on 03 September, 2013 and 31 May, 2013, respectively. Currently, it is trading 2.65 percent below its 52-week high and 54.68 percent above its 52-week low. Market capitalisation stands at Rs 120,219.25 crore. Also Read: TCS pips Infy to bag Rs 200 cr tax deal Disclosure: I do not have any positions in stock which we discussed.