Wipro looks weak, says Anil Manghnani

Wipro is looking weak, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "Wipro is in a similar move like Infosys did last month when I put out a sell call at about Rs 2,450. I think it had done the retracement. So I think Wipro also has done a major retracement on a weakish setup at Rs 373. So with Rs 373 as a stoploss, I think it’s headed back to Rs 349-345 kind of levels. So it was a weaker setup, maybe a technical pullback, but now headed lower again."
Wipro's trailing 12-month (TTM) EPS was at Rs 19.05 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 18.93. The latest book value of the company is Rs 98.91 per share. At current value, the price-to-book value of the company was 3.65. The dividend yield of the company was 1.66%.