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Last Updated : Jan 28, 2019 10:52 AM IST | Source: Moneycontrol.com

Buy Wipro with target Rs 371, says Dinesh Rohira

We have a buy recommendation for Wipro which is currently trading at Rs. 353.45.

Moneycontrol Contributor @moneycontrolcom
 
 
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Dinesh Rohira

Wipro maintained an upward trajectory for the last one week despite a volatile market breadth and managed to swiftly move upward from its resistance zone of 50-days moving average placed at 330 odd levels on closing basis.

The stock also managed to break out from its 200-days moving average placed around 310 levels in the past session which forms a strong support base for scrip.

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Initially, the scrip remained sideways and was consolidating in a price range of 340-307. The scrip formed a bullish candlestick pattern on both weekly and daily price chart.

The momentum indicator outlined a positive divergence in price with its RSI at 63 levels, coupled with MACD managing to make bullish crossover in same period to trade above its Signal-Line. We have a buy recommendation for Wipro which is currently trading at Rs. 353.45.

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First Published on Jan 28, 2019 10:52 am
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