Buy Wipro at lower levels: Amit Gupta

Buy Wipro at lower levels, says Amit Gupta, ICICI Direct.

Gupta told CNBC-TV18, "Wipro is a good candidate for some short covering in the market. You look at yesterday’s pullback in TCS in the last half and hour of the session. The same thing happened to Wipro also. I believe there are enough shorts in the stock, which are providing cushion whenever the stock is coming down."
He further added, "We had a good move in this stock from Rs 348 to Rs 365 in a single session in last to last month. Since then now after some profit booking exactly from 50 percent retracement that is around Rs 355-358 we have again started seeing the closure of short positions."
"In a last couple of sessions almost 5-6 percent of positions have got closed. So I think that is a good support, you buy the stock whenever it is coming down to that support level and look for a target of Rs 378. I think Rs 347 could be a good stop loss that is below the consolidated range."