Buy Wipro Ltd. target Rs 320 : Gemstone Equity Research

Milan Vaishnav of Gemstone Equity Research has Buy on Wipro Ltd. with a target price of Rs 320. The current market price of Wipro is Rs 293.5. Time period given by analyst is month when Wipro Ltd. price can reach defined target. Milan Vaishnav has recommended to keep stoploss at Rs 282.
"The stock has relatively under-performed the markets in general and CNXIT in particular during the previous advance of the IT Pack in general. The stock has accumulated in the 285-295 zones and is likely to form a temporary bottom after a consolidation in this range. It has managed to crawl back above the 200-DMA. Daily MACD remains in continuing buy mode. RSI is seen breaking out of a pattern after a pattern support and shows bullish divergence against the price. Bollinger bands remain 48.65% narrower-than-normal and this further increase the possibility of a sharp move in price," Vaishnav said.