Sell Wipro -IndiaInfoline
December 30, 2009 by admin
Filed under Brokerage Recommendations
IndiaInfoline is bearish on Wipro and has recommended sell rating on the stock, in its December 30, 2009 research report.
“Wipro rallied smartly from a low of Rs 180 in October-end 2008 to a recent peak of Rs 700 in second week of December 2009. Since past two trading session, the stock has struggled to continue its momentum. The daily RSI as well as the daily MACD are exhibiting negative divergence, indicating weakness in the trend. On Tuesday, the stock gave a close below its 5 DMA which is likely to trigger immediate correction to an extent of 13DMA at Rs 666. The fall on Tuesday’s session was accompanied by higher volumes. We recommend traders to sell the stock at current levels Rs 685-680 levels. A stop loss of Rs 688 is recommended on all short positions,” says IndiaInfoline research report,” says IndiaInfoline research report.
Source: Moneycontrol
