Market Movers: What Should Investors Do with Wipro, Infosys, and LTIMindtree?

On Thursday, the Sensex dropped for the third day in a row, losing nearly 495 points and hitting a two-month low due to foreign fund outflows. Key stocks in focus included Wipro (down 0.65%), Infosys (up 2.9%), and LTIMindtree (up 0.8%).

Here’s what Kushal Gandhi, Technical Analyst at StoxBox, recommends for investors regarding these stocks:

Wipro

Wipro’s share price is forming a potential “cup and handle” pattern. However, the stock faces resistance around the ₹557 mark, making it hard to move past this point. The lack of momentum in the handle suggests no immediate breakout. Gandhi advises waiting to buy Wipro until it clearly breaks through this supply zone.

Infosys

Infosys has shown strong performance, rising 45% since June 2024. Its share price is consolidating near its all-time high, possibly indicating further growth. Reduced volatility and positive signals from technical indicators like RSI and MACD are encouraging. Gandhi suggests buying Infosys if it closes above ₹1990, with a target of ₹2143 and a stop loss at ₹1881.

LTIMindtree

LTIMindtree’s stock is showing a “rounding bottom” pattern, which signals a potential trend reversal. The reduced volatility and strong RSI readings suggest solid momentum. The stock is also outperforming the Nifty in relative strength. Gandhi recommends buying LTIMindtree with a target price of ₹6925 and a stop loss at ₹6415.