Long-term investors can buy Wipro (₹571.40) shares at current levels. The recent rise above ₹500 confirms a cup and handle uptrend on the chart. The neckline support of this model comes to around ₹515. The time taken to train this model was over two years. So this makes the model very strong. So a fall below ₹515 could be difficult. Moving average crossovers on the weekly and monthly chart strengthen the bullish argument.
Wipro share price may first reach ₹730 to ₹750. This will be the target level for the cup and handle pattern. From a multi-year perspective, it is possible to exceed ₹750. Wipro has the potential to reach ₹830-850 in the long term. This increase will take at least three years.
Long-term investors can now buy ₹571. Accumulate on dips at ₹530. Maintain the stop-loss at ₹410. Follow the stop-loss up to ₹620 as soon as the stock hits ₹710. Further revise the stop-loss up to ₹730 when the price reaches ₹790. Exit stocks at ₹830. As mentioned above, this rally will take a minimum of three years. Investors should therefore wait patiently. The bullish view will only go wrong if Wipro drops below ₹440. This seems unlikely at the moment.
