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.