Wipro CMP Rs446The stock has done pretty much nothing in 2010, besides moving
in a trading band between Rs445-370. This week, after a long
time, the stock made an attempt to cross above the upper end of
the trading range.
A move above Rs445 would lead to a breakout from the
rangebound trading pattern. Our view is further validated after the
stock gave a close above the cluster of moving averages.
The rally was accompanied with a positive crossover in RSI,
earmarking inherent strength in the counter. Based on above
observations, it is likely that stock continues its uptrend in the short
term. We recommend high risk traders to buy the stock between
Rs444-448 with stop loss of Rs430 for a target of Rs475.
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