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We recommend a buy in Wipro at current prices. After a prolonged downtrend that extended between February and September this year, the stock is trying to make some head way. It has already gained 18 per cent since the September trough of Rs 425. The sequence of higher peaks and troughs since this low is promising. The stock is also well entrenched above its 50-day moving average.

The stock is expected to move higher to Rs 527 and then to Rs 540 in the short term. Short-term investors can buy the stock with a stop at Rs 470. A close above Rs 540 can make the stock move to Rs 560 or even Rs 590.

BL Research Bureau

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