Software services provider Wipro has started showing explicit signs of revival in its growth momentum.

On Friday last week, Wipro reported an increase of 2.7 per cent in its consolidated net profit at Rs 1,623.3 crore in the April to June quarter of this year. In the April to June quarter of the previous year, the company had reported a consolidated net profit at Rs 1,580.2 crore.

However, the company's net profit slipped 6 per cent from Rs 1,728.7 crore from the January to March quarter.

The stock has started showing signs of strength. Since June, it has gained more than 17 per cent.

Analysts are bullish on the stock. Gaurav Ratnaparkhi, a technical analyst, said, "In terms of price pattern it has taken form of a Bullish Flag pattern. Since the last couple of months, the stock is on an upward trajectory and is heading towards upper end of flag pattern."

For second quarter of the current financial year, Wipro has given a better-than-expected guidance. The company said that it expected its revenues from the IT business for the three months through September 30 to jump in the range of 2 per cent to 3.9 per cent to between $1.62 billion and $1.65 billion.

Encourage by the better-than-expected guidance, investors pushed the stock up by 5.7 per cent to around Rs 403 apiece at noon on Monday at the National Stock Exchange.