Short Wipro, advises Siddharth Bhamre

According to Siddharth Bhamre of Angel Broking, one may short Wipro as the stock may shed 6-7 percent from current levels and test Rs 511-512.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "If somebody is going in short in IT or pharma it means that person is bullish on the market. I am bullish on market and that is the reason I am talking about shorting Wipro ."

"Technically Tata Consultancy Services  and Infosys  are all trading below the short term averages at this point of time. Wipro is slightly above the averages. If one looks at the rollover data, all of the IT counters have corrected because of unwinding of long positions because lot of people were hiding in last series in IT and pharma. Wipro is the only stock which added short positions," he said.

"We believe that from the current juncture, Wipro may correct not very significantly, we are expecting a target price of around Rs 511-512 which is 6-7 percent from current levels and which is in line with what is happening to currency. So, fix the stoploss somewhere around Rs 562-563 and go short in Wipro."

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