Karvy Stock Broking Limited has maintained ‘Buy’ rating on Wipro (Tata Consultancy Services) stock with an intraday target of Rs 535.

According to Karvy, day traders can purchase the stock above Rs 510 with a strict stop loss of Rs 500. If the stock market remains on positive track, the next target for the day will be above Rs 540.

Shares of the company, on Friday (May 9), closed at Rs 501.20 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 506170. The share price has seen a 52-week high of Rs 565.5 and a low of Rs 325 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

Wipro, on May 8, has granted 120,000 stock options and 348,000 restricted stock units under Wipro Employee Stock Option Plan 2000.

The company has reported a marginal rise in standalone net profit for the quarter ended March 2008. During the quarter, the profit of the company rose 1.03% to Rs 8,273.00 million from Rs 8,189.00 million in the same quarter, previous year.

On 25 April, Infosys Technologies and Wipro separately announced their investment plans for setting up their facilities in the West Bengal (WB). The companies would invest Rs 5 billion each in the initial phase and begin construction on the 90-acre plot once they get physical possession of the land. Their units are expected to be ready in 1-2 years from getting the clearances.

Chairman of Wipro, Azim Premji`s, private equity fund PermjiInvest has acquired 2% stake in Koutons Retail for about Rs 200 million, during the last month.

Other stocks from the same sector that looks good for short-term trading includes TCS, Infosys, Satyam and HCL Tech.