Shares of Wipro Ltd continued to fall for the sixth consecutive session on Monday. Last checked, the stock was down 1.76 per cent at Rs 259.30. At this price, it has declined 15.11 per cent in the past one month. The homegrown IT firm recently announced realignment within its global business lines (GBLs) to deepen the positioning of clients' evolving business needs and capitalise on emerging technology opportunities driven by AI, cloud and digital transformation.
One of the analysts said investors with a long-term view should only consider adding Wipro to their portfolio while another suggested that counter looked 'bearish' in the near term. Technically, support on the counter could be seen in the Rs 255-245 range and resistance may be found above Rs 270.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said, "IT stocks are under pressure due to the US market downtrend and recessionary fears. US President Donald Trump's tariff decisions are hampering investor sentiment for the medium- to short-term. One can consider adding Wipro shares but only with a long-term perspective."
Ravi Singh, Senior Vice-President of Retail Research at Religare Broking, said, "Wipro looked weak on daily charts and can slip towards Rs 250 level in the near term. Resistance will be seen above the Rs 270 range."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Key support located in the Rs 250-245 range. On the upside, a strong breakthrough above Rs 280-290 levels could signal a return of positive momentum, making it a crucial area to watch for potential recovery."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 255 and resistance at Rs 265. A decisive move above Rs 265 level may trigger a further upside towards Rs 270. The expected trading range will be between Rs 255 and Rs 270 for the short term."
The counter traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 25.98. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The stock has a price-to-equity (P/E) ratio of 26.26 against a price-to-book (P/B) value of 4.30. Earnings per share (EPS) stood at 9.88 with a return on equity (RoE) of 16.38.
As of December 2024, promoters held a 72.75 per cent stake in the IT company.