Wipro stock daily chart analysis
Wipro stock on last trading session closed at 524 with loss. On daily chart, stock price trend and momentum both are bearish. Stock is trading below major averages with oversold indicator patterns. From short term view, below 554 stock will remain sell. On downside 520 and 495 are support zones for May series while 554 and 578 are strong resistances on upside.
On indicators, MACD is below zero with bearish divergence and RSI is at 27 and in oversold state. CCI is -170 and with bearish divergence.
Traders here keep contra view, as indicators are oversold and use 495-520 zone for buying and accumulation with strict stop loss. On upside 554 and 578 are targets for May series.
Wipro stock weekly chart analysis
Wipro stock this week is showing losses. On weekly chart, stock is hovering just above major average support of 520 rupee. On upside 625 and 730 are strong medium term resistances and if sustain above 520 rupee then these will be target zones for next 8-12 months period. On downside, 420 and 315 are strong medium term support zones.
On indicators, MACD is above zero but with rounding top suggesting medium term correction rally fro stock. RSI is below 50 with bearish divergence. CCI is -208 and bearish.
Traders here follow wait and watch strategy. Below 520 stock may slip up to 400-430 levels. That level will be best for fresh medium term entry.
Wipro stock monthly chart analysis
Wipro stock in last 6 months had given 10-11% returns to investors. Stock is now off the highs and trading inline with market return. In March, stock was trading with 26% returns in 5 months. Fundamentally and by valuation stock is ok and good for long-term investment at appropriate levels. Above 450-470 rupee level, long-term bullish momentum will remain intact. 300-350 was best buy zone, which was last seen in 2013 and from where this rally was started. While 100-150 is undervalued zone and this was last seen in 2008 crash. On upside 670 is 12 month view target level and 860 rupee is 3 years view target level.
Wipro company description
Wipro Limited (Wipro) is a global information technology (IT), services company. Wipro provides a range of IT services, software solutions and research and development services in the areas of hardware and software design to companies worldwide. It uses its development centers located in India and worldwide, quality processes and global resource pool to provide IT solutions and deliver time-to-market and time-to-development advantages to its clients. It also provides business process outsourcing (BPO) services. The Company operate in three segments: IT Services business segment, IT Products business segment and Consumer Care and Lighting business segment. On June 10, 2011, it acquired the global oil and gas information technology practice of the Commercial Business Services Business Unit of Science Applications International Corporation Inc. along with 100% interest in SAIC Europe Limited and SAIC India Private Limited. In June 2013, the Company acquired a minority stake in Axeda Corp.
Wipro stock fundamental ratios
|Range||517.50 – 528.65|
|52 week||16.50 – 611.00|