BUY between Rs443-447, Target Rs470

Wipro (BUY between Rs443-447, Target Rs470): Wipro Ltd on the daily chart has signaled  a breakout from inverted head and shoulder pattern on Friday trading session with neckline persisting at Rs442 and spurt in volumes. With MACD about to cross above the reference line and RSI rallying with ease, the momentum in the counter remains extremely strong. However it has been observed in the past that after a breakout, an attempt is retest the neckline, which in this case stands at R443. Expansion in volumes at the time of price increase corroborate uptrend in the counter. We advise buying stock in the range of Rs443-447 with stop loss of Rs437 for target of Rs467.