Buy Wipro, may move to Rs 720: Anu Jain

Anu Jain of IIFL Private Wealth Management told CNBC-TV18, "Wipro definitely looks like a buy. It is coming to the zones and kind of retracing from there but I think that is one of the stocks where at current market price, I am comfortable buying. I think my long-term targets would be much higher but for three-six months Rs 720, which is about roughly about 10 percent move from here, that looks good.”

She further added, “Lupin has done a move, if you see the whole pharmaceutical index the way it closed, there was a slight profit taking which came in. I was looking at the index, CNX-pharma at 1,225 has a resistance, it has attended that level twice in the last seven sessions and cannot come back from there. But it has made healthy gains and so whether it was Lupin or whether it was any of the other pharmaceutical stocks which had profit taking, it is very healthy. So given that around those Rs 1,850-1,865 zones, Lupin would be a good level to buy because the support levels are now closer to Rs 1,800-1,820. So I would buy around those Rs 1,850 -- 1-2 percentage more if it corrects would be good to buy. I think medium-term targets are about Rs 2,075, slightly longer-term we are getting chart levels of Rs 2,200 so would look for 2-3 percent correction to get into those levels.”

“On the other side if you are looking for value buys, stocks which have corrected as I was just saying that the banks have corrected. So closer to Rs 310-312 ICICI Bank looks good. I would probably look at things like SBI also which is again at the 200 day moving average closer to Rs 277, probably Rs 260-265 levels which I am saying couple of percentage points more -- these will definitely give you good returns in the long-term and if you are not going to pick them up and panic then it is always better to pick up stocks and panic for the longer-term. For trading zone also I think signals will change around those levels because I doubt that you are going to see a breakdown of Rs 266 on SBI. So the risk return is in the favour for a trader who goes long at those levels,” she added.