Wipro expected to decline to Rs 441-415:Edelweiss

MUMBAI: Edelweiss is of the view that charts of Wipro suggests further selling in coming weeks. It expects the tock to slip towards Rs 441-415 levels.

“After making a ‘bearish engulfing’ candlestick pattern three weeks back, the stock price of Wipro has been on the decline. In the previous session, the stock fell 5% with a gap down indicating strong downside pressure.

The oscillators on daily and weekly charts have comfortably rolled bearish pointing to further selling in the weeks to come. We expect the stock to drop down to Rs 441 initially and Rs 415 thereafter. In the current technical setup the upside is likely to be restricted to Rs 476,” the report said.