Wipro may slip 6-8%, says Kulkarni

Wipro may slip 6-8% from current levels, says Shardul Kulkarni of Angel Broking.

Kulkarni told CNBC-TV18, “In case of the entire IT pack may it be Tata Consultancy Services (TCS), Wipro, Infosys or HCL Tech the charts have been damaged for most. The Infosys effect has been seen in other stocks also now. So I would look at further declines in case of these stocks, at least for now, but I would not be a very big seller in case of TCS specifically because the weekly chart structure is quite okay. The stock is still in a decent higher top, higher bottom. It is in a correction mode, so it can come to Rs 1,380-1,370, but will chart change the overall weekly chart structure, no it will not.” He further added, “I would just wait out for those levels, let the pain settle in after a few trading sessions we can take a relook at these stocks, but I would not be very bearish on TCS, I would be specifically bearish on Wipro. From current levels about 6-8 percent fall in Wipro is quite likely.” Disclosure: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.