Wipro share price today: Shares of Wipro Ltd have broken out from their consolidation phase and made two 52-week highs in the last three sessions. The shares of the software major ended in the green on Monday after hitting a fresh 52 week high of Rs 305.70 in the previous trading session. On December 5 too, the stock reached its 52 week high of Rs 300.85 on BSE. The stock had seen a long phase of consolidation this year trading in a broad range of Rs 200 to Rs 300, said analysts.
Now with the IT stock closing above the Rs 300 mark for the first time this year, analysts expect the stock to add more gains for its investors.
Hardik Matalia, Derivative Analyst, Choice Broking said, "Holding above the critical Rs 300 level will be essential for Wipro to sustain its upward trajectory and target higher levels. The Relative Strength Index (RSI), currently at 68, is trending sideways to upward. This indicates bullish momentum with room for further gains before entering overbought territory. Additionally, the stock is trading above its short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels, reinforcing a strong bullish bias across time frames. Given these favorable technical indicators, traders are advised to adopt a buy-on-dips strategy as long as Wipro holds above the crucial support level of Rs 275. This approach enables capitalizing on potential corrections while keeping risk effectively managed."
Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox said, "Wipro emerges as a compelling buy above Rs 300, with potential upside targets of Rs 325 and Rs 335. However, caution is advised if the stock slips below Rs 290, which could invalidate the bullish outlook."
A R Ramachandran, SEBI registered Independent analyst says, "Wipro stock price is bullish on the Daily charts with strong support at Rs 293.75. A Daily close above the resistance of Rs 299 could lead to target of Rs 319 in the near term."
In the previous session, the Wipro stock surged in the last hour of trade to close 2.32% higher at Rs 304.15 on BSE. Market cap of the firm climbed to Rs 3.18 lakh crore. Total 3.72 lakh shares of the firm changed hands amounting to a turnover of Rs 11.18 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Wipro stands at 68, signaling the stock is neither oversold nor overbought on charts.
On a year-to-date basis, the Wipro stock has gained 27.45% and risen 44.15% in a year. Wipro shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages, which indicates the momentum is bullish both in long and short term.
In Q2 of this fiscal, the IT firm reported a 21% rise in net profit to Rs 3,209 crore for the quarter ended September 2024 against Rs 2,646 crore logged in the year-ago period. Revenue from operations fell marginally to Rs 22,302 crore against Rs 22,516 crore posted in the corresponding quarter of the previous financial year.