Wipro Share Price: After hitting a 52-week high in January 2022, Wipro shares are in a consolidation phase. In YTD time, this IT major has shed around 37.50 per cent. wipro share price today 447.50 each, down nearly 40 percent from its 52-week high 739.85 on NSE. Therefore, the stock may attract the attention of positional investors who are looking for quality stocks available at a discounted price.
According to stock market experts, wipro share price Is on the verge of a breakdown and the stock may further decline post the breakdown. He said it’s in stock from 440 470 range can go further down from 400 380 after breaking.
Speaking on Wipro’s share price outlook, Tirthankar Das, Head of Technical Research, Ashika Group, said, “Wipro share price continues to remain low and is on the verge of breaking below the previous low, which is expected to increase further in the coming sessions. A downside signal is indicated. A breach of the 440 level. However, a downside trend in Wipro prices is nearing support and a positive divergence in the RSI on the daily time frame is indicating a bullish reversal in prices. The RSI is currently at 30. Above the mark and trading inside the Bollinger Bands which gives an indication of a possible change in prices. To add further to the 440-450 levels coincides with the 50% retracement of the entire rally since March’20. “
Sumeet Bagadia, Executive Director, Choice Broking said, “Wipro’s share price is in the range of from 440 470 and it can go down from 410 400 in the near term after the breakout. The overall trend of the stock is also down. Hence, one should avoid buying at current levels and wait for the stock to stabilize after the breakdown. Stock may rally after breaking the barrier placed at 470 and remains above this level on closing basis.”
On suggestions for those who are looking to buy Wipro shares, Tirthankar Das of Ashika Group said, “A sustained close above 475 could trigger a pullback. from 510 525. Investors would be advised to show patience as the trend is clearly in favor of the bears and lower levels of the from 380 400 can be seen in the near term.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.