Buy Wipro in the range of Rs. 275-282
Target: Rs. 335
Stop Loss: Rs. 251
Time frame: Three months
Derivatives & Quantitative Outlook
In the current market scenario, where the broader market is significantly outperforming, traction seems to be coming in technology stocks as the banking space has failed to witness any major recovery. Along with technology heavyweights like TCS and Infosys, stocks like Wipro have also been moving into new territories. We believe that fresh accumulation is likely to be seen in the stock in the coming sessions.
The open interest in Wipro has been increasing gradually along with the price movement prior to the quarterly results as the stock has been witnessing pressure around Rs. 230 levels. However, post results, a sharp closure of positions was seen in the stock along with a fresh move towards Rs. 290. The current OI in the stock is significantly low. We expect fresh OI addition to be seen in the coming weeks, which should take the stock towards new highs.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Wipro_Aug20.pdf
Shares of WIPRO LTD. was last trading in BSE at Rs.279.5 as compared to the previous close of Rs. 277.15. The total number of shares traded during the day was 413610 in over 4316 trades.
The stock hit an intraday high of Rs. 284.6 and intraday low of 278.65. The net turnover during the day was Rs. 116215023.