Buy Wipro at current level: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "IT stocks have seen a structural bull run, there is no point to panic if a trader or investor is into IT space. In stocks like Wipro, after the results there was a sort of a correction, retracement in the stock but one should not be concerned because the overall trend of the stock and the index is intact."

"Wipro is definitely a buy on dips kind of a candidate. I would definitely go ahead and buy Wipro at current levels and we could see higher levels may be close to Rs 560 in next couple of months," he said. At 12:08 hrs Wipro was quoting at Rs 469.70, down Rs 1.60, or 0.34 percent. It has touched an intraday high of Rs 483 and an intraday low of Rs 467.30. The share touched its 52-week high Rs 519.50 and 52-week low Rs 315.30 on 15 October, 2013 and 31 May, 2013, respectively. Currently, it is trading 9.59 percent below its 52-week high and 48.97 percent above its 52-week low. Market capitalisation stands at Rs 115,790.02 crore.