Wipro has broken out from the downward sloping channel on the daily charts. The stock remained resilient in the falling markets.
The stock has been hovering around its 52-week high. Any level above Rs 339 would result in a fresh breakout for the medium to long-term.
However, the way price is behaving, the kind of setup oscillators are holding, there are good chances that Stock would appreciate further from the current levels.
Considering the technical evidence discussed above, we recommend buying the stock at CMP for the target of Rs 370, keeping a stop loss at Rs 310 on a closing basis.