We have a buy recommendation for Wipro which is currently trading at Rs. 313.5, says Dinesh Rohira of 5nance.com.
After consolidating from a price band of Rs 298 toward Rs 255 levels, Wipro continued to trade in an uptrend trajectory forming a higher support level at Rs 285-274 levels.
The scrip also witnessed a crucial breakout from the long-term moving average level 200-100 days last month which was further supported by substantial volume support growth in the same period.
The momentum indicator continued to signal positive trend with weekly RSI at 67 levels, while MACD making bullish crossover during last sessions. We have a buy recommendation for Wipro which is currently trading at Rs. 313.55.