Wipro might breach 360 on the down side in the month of march and might not move above 390. Hence one can sell wipro on rise or can sell a 400 Call option and hold it till the end. If one is risk averse , he can sell calls that are a tad far away for safety.
Else one can buy a 380 put once there is a bounce in Wipro and hold it till 360 is breached. As time plays a very important role in options , it is wise to sell the option.
If one is long in Wipro, then it would be a good idea to close them on a bounce and wait for a dip to re-enter!