Wipro shares down 15% from one-year high level; should you enter at current levels?

Wipro shares on Monday settled 2.02 per cent higher at Rs 461.95. Considering this price, the stock has slipped 15.41 per cent from its one-year high price of Rs 546.10, a level seen on February 19, 2024.

In spite of the mentioned fall, the scrip has climbed 27.19 per cent compared to its 52-week low value of Rs 363.20, hit on April 21 last year.

In the fourth quarter (Q4 FY24), Wipro's overall net profit fell 7.9 per cent to Rs 2,835 crore. The IT firm's consolidated revenue slipped 4.2 per cent to Rs 22,208 crore in Q4 FY24.

On technical setup, support on the counter could be seen at the Rs 450-440 zone.

"One can consider buying the stock at current levels with a strict stop loss of Rs 445. And, expected upside target for Wipro will be Rs 500," CA Rudra Murthy BV, MD at Vachana Investments, told Business Today TV.

"Wipro is bullish on daily charts with strong support at Rs 450. A daily close above resistance of Rs 469 could lead it to an upside target of Rs 510 in the near term," said AR Ramachandran from Tips2trades.

"Support will be at Rs 440 and resistance at Rs 470. A decisive close above the Rs 470 level may trigger a further upside till Rs 485. The expected trading range will be between Rs 435 and Rs 490 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

In contrast, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, advised traders to exit the stock as it may slip towards Rs 450 level.