The short-term outlook for Wipro is bullish. The stock rose 2.5 per cent to close on Monday. This rise has taken the stock well above the key resistance level of ₹408. On the charts, there is now a confirmed inverted head and shoulder bullish reversal pattern.
The neckline support of this pattern is around ₹408. In addition to this, the stock has risen decisively above the 200-Week Moving Average currently at ₹411. Wipro’s share price can rise to ₹450-460 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹410. Keep the stop-loss at ₹398. Trail the stop-loss up to ₹420 when the price moves up to ₹426. Move the stop-loss further up to ₹432 when Wipro share price touches ₹438. Exit the long positions at ₹445.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)