short term outlook for wipro It’s fast. The stock closed up 2.5 per cent on Monday. This gain has taken the stock well above the key resistance of ₹408. On the charts, there is now a confirmed bullish reversal head and shoulders pattern.
The neckline support of this pattern is around ₹408. Moreover, the stock has risen decisively above the 200-week moving average to currently stand at ₹411. Wipro share price may rise to Rs 450-460 in the next two-three weeks. Traders can still travel a long way. Deposit at ₹410 on decline. Keep the stop-loss at ₹398. Trail the stop-loss to ₹420 when the price moves up to ₹426. Move the stop-loss to ₹432 when the share price of Wipro touches ₹438. Exit the long position at ₹445.
(Note: Recommendations are based on technical analysis. Trading involves risk of loss.)