Wipro stock tech pick- Brokerage recommends ‘Buy’, cites higher bottom formation; check target price

Wipro stock tech pick: Brokerage recommends ‘Buy’, cites higher bottom formation; check target price

Wipro share price fell nearly 0.20% today. However, Prabhudas Lilladher has recommended buying and accumulating the stock of Wipro, in a research note citing high bottom formation on the daily chart. “The stock has been in a gradual rise with a series of higher bottom formation patterns on the daily chart and has moved past the significant 200 period daily MA and 50EMA levels near 390-395 zone with improvement in the bias,” said the report.

The brokerage report further highlighted that the relative strength index (RSI) is positioned well and on rise with strength which indicates further upward movement in the coming days. The report recommended buying and accumulating the Wipro stock, with a target price of Rs 470 and cautioned to put a stop loss at Rs 395. “With the chart looking good, we suggest to buy and accumulate this stock for an upside target of Rs 470 keeping the stop loss of Rs 395,” said the report.