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The upmove in Wipro has gained momentum. The stock surged 4.8 per cent on Friday and has closed on a strong note. This rise has ended the two-week long sideways consolidation. It also indicates that the broader uptrend has resumed.
Moving average cross overs on the daily as well as the weekly chart strengthens the bullish case. It indicates that the downside could be limited. Support for the stock will now be in the ₹545-₹540 region.
Wipro share price can rise to ₹600-₹610 in the coming weeks. Traders can go long now at ₹560. Accumulate on dips at ₹550. Keep the stop-loss at ₹535 initially.
Trail the stop-loss up to ₹570 as soon as the stock moves up to ₹578. Move the stop-loss further up to ₹580 when the price touches ₹590. Exit the long positions at ₹600.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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