You are currently offline

Wipro Ltd Shares Surge to One-Year High, Technical Analysts Predict Further Upside with Near-Term Support and Resistance Levels

Wipro Ltd's shares experienced a notable surge, reaching a one-year high level in the latest trading session. The stock rose by 7.38%, reaching a 52-week high of Rs 466.15. This marks a gain of 32.49% from its one-year low of Rs 351.85 earlier this year on April 17. The trading volume on this day was substantial, with 19.93 lakh shares changing hands on BSE, well above the two-week average volume of 3.46 lakh shares.

The turnover on the counter amounted to Rs 90.79 crore, contributing to a market capitalization of Rs 2,41,721.34 crore. Buy orders outnumbered sell orders, with 15,64,758 buy orders against 2,48,322 sell orders.

Technical analysts suggested that the near-term support for the stock could be around Rs 445, with immediate resistance potentially above the Rs 500 zone. Some analysts expressed optimism about a substantial upward movement in Wipro's stock.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, indicated, "Support will be at Rs 445 and resistance at Rs 500 level. Expected trading range will be between Rs 430 and Rs 530 for a month."

DRS Finvest founder Ravi Singh suggested, "The stock is likely to see Rs 510-512 levels in the near term. Keep a strict stop loss placed at Rs 445."

AR Ramachandran from Tips2trades commented, "Wipro stock price looks slightly bullish but also overbought on daily charts with next resistance at Rs 480. A daily close below support of Rs 447 could lead to Rs 385 in the near term."

Kunal V Parar, VP of Technical Research and Algo at Choice Broking, stated, "The stock is currently trading above its 50-week moving average, indicating a sustained upward movement. We anticipate a substantial upward movement in the stock, targeting levels between Rs 538 and Rs 622. On the downside, critical support is placed at Rs 405."

Motilal Oswal Securities, in its recent note on Wipro, highlighted the company's effective strategies amid challenging macroeconomic conditions, with improvements in large deal wins and a quarterly deal total contract value (TCV) of $1 billion-plus. The note mentioned Wipro's focus on improving margins and efforts to enhance the margin profile of acquired entities.


blank strive to empower readers with accurate insightful analysis and timely information on a wide range of topics related to technology & it's impact

Post a Comment (0)
Previous Post Next Post