Kunal Bothra, Sr Technical Analyst, LKP is of the view that, Wipro is looking good in IT space to bet on. The stock is expected to rally towards Rs 420.
Bothra told CNBC-TV18, "Wipro is a very good stock. In terms of technical’s also this is one stock which we have been capturing from Rs 350 levels. Right now also it is on the verge of a very strong breakout. If we look at the weekly charts, three domains which we look at, one is on the weekly charts, it is forming a double bottom very close to Rs 340 where it managed to take a crucial bottom there. Now, it is breaking the previous high of Rs 390-392. So, on weekly closing as well it is forming a very good double bottom. The target for this is Rs 50 from here but if you look at the daily charts as well it is forming a flat pattern, breakout of Rs 395 on closing basis which is very likely today, you could see a rally till Rs 420. So, my sense is in terms of the IT stocks Wipro is one of the best stocks to bet at this point."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
