Shares of Wipro Ltd gained as much as 1.76 p to 336 rupees, their highest since March 11, 2015. The stock has cut above a resistance at Rs 333.8, the 61.8 per cent Fibonacci projection level of the uptrend from November 9, 2016 low to January 16, 2018 high.
The stock has also cut above a trendline connecting the peaks of March 2015 and January 2018. A close above the 61.8 per cent level will confirm the breakout and may lead to a gain towards Rs 352.75, the 76.4 per cent projection level.
The stock's 30-day average volume is 43 per cent higher than its 200-day average, seen favourable for a breakout. MACD is positive and above its signal line. Wipro stock had gone up 15.84 pct in the last one month as of Friday's close, compared with a 0.7 per cent gain in broader NSE Index.