Technical Analyst, Rajat K Bose is of the view that the swing in Wire and Wireless is very strong after the protracted down that lasted for several months. I would say that if somebody has purchased this stock in the last ten trading sessions, part profit booking is definitely warranted because in the last trading session, the move was a bit vertical and may not be sustained.
Bose told CNBC-TV18, "About 6-7 trading sessions back, WWIL was half the price that it is currently quoting, it was close to about Rs 50. This swing is very strong after the protracted down that lasted for several months. It has actually started on this uptrend and now has really acquired momentum of course the psychological barrier of Rs 100 that needs to be crossed and sustained for atleast two consecutive trading sessions. If that were to happen, this move may continue. I would say that if somebody has purchased this stock in the last ten trading sessions then atleast part profit booking is definitely warranted because in the last trading session, this move is bit vertical and may not be sustained."
Disclosure: It is safe to assume that analyst and his clients may have an interest in the stocks/sectors discussed.
Source: Moneycontrol.com
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