Sell Wipro Future; target of Rs 386: IIFL

According to IIFL, traders can sell Wipro June Futures below Rs 400 with stop loss of Rs 407 for target of Rs 386, in its June 08, 2012 research report.

“Wipro had seen a significant rally from the low of Rs378 in the last week of May 2012 to the levels of Rs416 last week. However, since then it has moved in a narrow range unable to close above its 50-DMA for consecutive trading sessions. Same level also coincides with the neckline of Inverted Head and Shoulders pattern. On the daily chart, negative divergence in seen on the RSI, indicating weakness in the trend. Based on above mentioned technical evidences, We advise going short on Wipro June Futures below Rs400 with stop loss of Rs407 for target of Rs386.,” says IIFL research report.  

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