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Breaking above a key resistance at ₹265, the stock of Wipro jumped ₹9.8, or 3.5 per cent, with good volume on Tuesday. Investors with a short-term perspective can buy the stock at current levels.
After recording a new high at ₹297 (split adjusted) in late February this year, the stock began to decline. It found support at ₹255 in late March following a short-term correction. Subsequently, the stock resumed its medium-term uptrend that has been in place since October 2018 low of ₹220. Short-term trend is also up now.
The stock has surpassed its 21 and 50-day moving averages and trades well above them. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Moreover, the daily and the weekly price rate of change indicators feature in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. Targets are ₹285 and ₹290. Traders can buy the stock with a stop-loss at ₹267.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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