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BL Research Bureau
Taking contrarian view traders from a short-term perspective can buy the stock of Wipro in declines. The stock has jumped over 13 per cent in today's session accompanied by above-average volume. It has decisively breached a key resistance at ₹175 during the intra-day rally. The daily relative strength index and the price rate of change indicator are recovering from the oversold territory.
The rupee declining to a record low of 75 against the dollar is also cushioning the IT stock's rally in today's session. The Nifty IT index has zoomed 11.7 per cent to 12,676 levels. The stock of Wipro can continue to trend upwards in the ensuing trading session and reach the price targets of ₹194 and ₹200. Traders can buy the stock in dips with a stop-loss at ₹172 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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