Short Wipro, advises Amit Harchekar

Amit Harchekar of A Plus Analytics is of the view that one may short Wipro with a target of Rs 595.

Amit Harchekar of A Plus Analytics told CNBC-TV18, "The price action in last two months in Wipro has let to a formation called a bearish complex diamond top pattern and that is the reason why we are expecting a steep fall in Wipro  at these levels. Though the stock has been showing strength but since the structure is negative we can easily expect a breakdown below Rs 595."

"From a trading perspective the short position that has built up nearly between Rs 659-660 zone. One can initiate short even at current level, Rs 660 should be the stop loss and we are expecting a target of Rs 595," he said.

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