Market analyst Kiran Jadhav is bullish on IT sector stocks and brings out one such stock from his kitty. The Chairman and Managing Director (CMD) of Kiran Jadhav and Associates LLP said that this stock has given a breakout today and is now poised for a rally from here. Know why this stock has advantages over its peers and how you can earn bumper returns by investing in it.
Top Stocks To Buy: Wipro Limited
In chat with the Market Guru, Jadhav said that today’s pick is a special recommendation. He said that IT stocks are seeing an amazing breakout. One such stock is Wipro, which has seen a breakout after 10 days of consolidation. He recommended buying Wipro stock, which is currently trading around Rs 285. He puts the stop loss at Rs 282 while the target price at Rs 290 for today. There is a small resistance around this level. There may be greater returns in store as, once this is breached, the next target price of Rs 297 will be well within reach, he added.
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Giving his reasons to the Singhvi, Jadhav said that this stock is seeing an unwinding pattern at higher levels. The kind of open positions which are prevailing now, it is expected that the stock will see a further uptrend. He however, advised investors to have a strict stop loss.
Today, this company’s shares were trading up by over 4 per cent from the previous close.
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Wipro Limited, which is based in Bengaluru, is an Indian multinational corporation which serves the information technology, consulting and business process sectors.