Buy Wipro on dips: Sukhani

Buy Wipro on dips, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "The big decline in Wipro has brought it to a strong support level Rs 360-370. I would assume that this decline in Wipro should be bought into. We can easily see strong bounces from support."
He further added, "It has not fallen after last two days of declines. So this is a buy on dips trade, also a large risk trade, but then there are potential rewards. If Wipro is not falling any longer today and it is not then wait for the first one-one and half hours, wait for a sign that the stock is rallying, that sign could come early morning, afternoon or maybe tomorrow, but it is worth taking a trade on the long side."
The share touched its 52-week high Rs 452.50 and 52-week low Rs 335.10 on 17 February, 2012 and 26 October, 2012, respectively. Currently, it is trading 11.46% below its 52-week high and 19.56% above its 52-week low. Market capitalisation stands at Rs 98,662.26 crore.