Buy Wipro around Rs 407-415; target Rs 495: ICICIdirect.com

ICICIdirect.com is bullish on Wipro and has recommended to buy the stock in cash in the range of Rs 407-415 for the target of Rs 495 with a stop loss of Rs 370 for the time frame of 3 months, in its report dated January 15, 2013.

Cash volume, delivery and futures open interest (OI) are regarded as the foundation  blocks for a stock to show price movement in the short-term. Based on the study,  the IT space has been identified as the sector where stocks are likely to attract  buying interest, even if markets continue to consolidate. We have identified the  stock Wipro. The stock has seen a strong pick-up in delivery in the 350-370 range.  With the strong set of numbers from technology giant, Infosys, positional stock  traders have started to come out of their short positions. Both these triggers bode  well for the stock’s upside. Thus, we  recommend buying Wipro in the cash  segment. Recommendation: Buy Wipro in cash in the range of Rs 407-415 for the target of Rs 495 with a stop loss of Rs 370 for the time frame of 3 months. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

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