Shares of Wipro Ltd have delivered negative returns in the last three years. The IT stock, which turned ex bonus on December 3 reported positive returns in time periods ranging from one week to 10 years but fell 7% in three years. On a year-to-date basis, the Wipro stock has gained 25.56% and risen 42% in a year. The shares of the software major are trading near their 52-week high of Rs 300.85 reached on December 5 last week.
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.
Wipro stock was trading 0.79% higher at Rs 299.60 in the current session. Market cap of Wipro stood at Rs 3.13 lakh crore. Total 1.80 lakh shares of the firm changed hands amounting to a turnover of Rs 5.35 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Wipro stands at 63.2, signaling the stock is neither oversold nor overbought on charts.
Hardik Matalia, Derivative Analyst, Choice Broking said," Wipro is currently trading around Rs 298, following a recent bonus issue. The stock has been displaying a strong bullish trend by forming higher highs and higher lows, indicating positive momentum in the near term. It has also broken out of its recent consolidation range, signaling renewed buying interest and setting the stage for further upside potential. 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 64, 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."
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."
Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox said, "Wipro has been moving within an upward-sloping channel since August, demonstrating strong support and resistance levels along the way. It stands out as one of the best-performing IT stocks in recent times, supported by its robust technical structure. The stock is trading comfortably above its key short-, medium-, and long-term exponential moving averages (20, 50, 100, and 200 EMA), indicating sustained bullish momentum. Additionally, the Relative Strength Index (RSI) is holding steady above 60, reflecting strong buying interest. The Directional Movement Index (DMI) also supports the trend, maintaining a value of 18. Given the prevailing trend, 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."
Prashanth Tapse, Sr VP Research Analyst at Mehta Equities said, "After the ex-bonus date, Wipro stock is attracting lots of interest and setting the stage for further potential due to price action. In terms of technical, the stock is coming out of long consolidation with strong signals towards a sustainable upward trajectory. Current RSI is around 75 which is giving a strong and bullish trend to continue. Technical parameters are favouring more movement and any close above Rs 307 level would take the stock into a new zone of Rs 320-360 range in the medium term. Long term outlook remains very optimistic, with a strong deal pipeline we continue to remain positive and recommend long term investors to accumulate on any positive dip with a medium term target of Rs 332."
Wipro reported a 21.26 per cent rise year-on-year (YoY), in its September 2024 quarter's consolidated net profit. Profit came at Rs 3,208.8 crore in Q2 against Rs 2,646.3 crore in the year-ago period. The company's revenue from operations fell 0.95 per cent to Rs 22,301.6 crore from Rs 22,515.9 crore in the corresponding period last fiscal.