shares of wipro While it has been quiet for some time, according to domestic brokerage and research firm Anand Rathi, it currently trades near its critical support, which has recommended the IT stock as a top pick for February.
“First, IT stock turned from this level and we saw a rally towards 725. There is a bullish pattern in the particular Gartley pattern on the daily chart, which looks attractive,” the brokerage note said. Thus, Anand Rathi recommends Wipro as his top stock pick. For the month, the brokerage has a target price of 629 based on technical analysis, and has advised traders to go with a longer stop loss in the stock. 530.
IT services major Wipro posts consolidated net profit 2,969 crore for the December 2021 quarter, and said it has made a strong showing in revenue and order booking. Profits were almost flat from the year-ago period of 2,968 crores.
Its revenue from operations rose 29.6%. Done 20,313.6 crore, from 15,670 crore in the quarter ended December 2020. Wipro also declared an interim dividend of Re 1 per equity share.
Wipro, which gets a major part of its topline (revenue) from IT services, said it expects revenue from that business to be in the range of $2,692-2,745 million in the March 2022 quarter. This translates into a sequential growth of 2-4% for the March quarter.
IT stock has gained over 31% in a year, however, Wipro shares are down around 21% so far in 2022 (Year-to-date or YTD), while the benchmark BSE Sensex is down 2% .
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,