WIPRO - Wipro LtdLevels -
Buy - 432+
Target - 470
SL - 418
The stock has tended to show a strong up move in the month where earnings are reported. The trend has been consistent over the past year and by looking at the current outset of WFH and COVID-19 second wave, it is most likely to continue. The quarterly and annual results will be announced on April 15, 2021, which might make the stock revisit the levels of 470. In addition to that, post Q3 results the stock has formed a flag pattern on both weekly and daily charts, therefore a breakout cannot be ruled out while an event is planned for the coming week. Once the level of 430 is breached on the upside, which is acting as a resistance, the stock can go up to the levels of 470, an up move of close to 10%.
IT shares in the given circumstances of WFH due to COVID-19 is a safe bet as there has been a significant increase in operating profit of the companies which will continue in coming quarters if the situation stays like this. This can be observed by looking at their quarterly results.
NOTE: These findings and levels are purely based upon the knowledge and understanding of the post publisher. The idea here is to predict the future price movements hence, please do not consider this as stock advice or recommendation.
