Buy Wipro, says Siddharth Bhamre

Buy Wipro with a target of Rs 237, says Siddharth Bhamre of Angel Broking.

Bhamre told CNBC-TV18, "Infosys is going or would go through same what Wipro has gone from last three-four quarters that is consolidation of earnings. Infosys saw 77% built-up of short positions on day one, 10% on day two. Wipro 10% on day one, 2% on day two, has a strong support around current levels of Rs 415-420. I think this dip is a buying opportunity; there would be lot of buy only guys would be shifting from Infosys to other IT companies and the way Wipro has consolidated and shaped up itself in the last 1-1.5 year, I think there would be some kind of valuation which would happen to this stock. So this would be a buy on dip stock for a lot of buy only guys."
He further added, "We expect whatever short positions which have been formed during this fall would be covered soon and hence we are recommending buying at current levels with a stoploss of Rs 408 and we have a target of Rs 437 and beyond but as of now we are sticking to Rs 437 in Wipro."