I am long Wipro and it has cost me my job (for the day). Lindsay and I have been ourtsourced on Wallstrip. The show does an excellent job of explaining Wipro and the trend that the stock has been a part of – outsourcing. Human capital is quite the phenomenon. Does not hurt to be betting on the richest man in India who still owns 80 plus percent of his company.
This is what I said of WiPro on November 22nd when I added to my position (not a bad post for a free blog by the way):
I am adding some Wipro (WIT) to my account at the next available open. I have owned a little for a while and rode it down during the India swoon this summer but was not stopped out. Today it busted out to an all-time high. The India closed end fund is still 20 percent plus below all-time highs. I like that relative strength.
That realtive strength is even more evident today. Wipro is obviously not as closely correlated to India as you would think.
Not much more to add here except Brian and the technicals for those technically enthused :) .
Disclosure – Long Wipro