We have a buy recommendation for Wipro which is currently trading at Rs. 353.45.
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.
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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Jan 28, 2019 10:52 am