Wipro shares extend gains, jump 5% today to hit one-year high; is more steam left?
Wipro share price: The stock surged 5.16 to scale a one-year high of Rs 545. At this price, it has gained 54.90 per cent from its 52-week low value of Rs 351.85, a level seen on April 17 last year.
- Feb 16, 2024,
- Updated Feb 16, 2024 3:08 PM IST
Shares of Wipro Ltd continued their upward march for the sixth straight session in Friday's trade. The stock surged 5.16 to scale a one-year high of Rs 545. At this price, it has gained 54.90 per cent from its 52-week low value of Rs 351.85, a level seen on April 17 last year. The stock saw heavy trading volume today as 6.16 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 5.07 lakh shares. Turnover on the counter came at Rs 32.83 crore, commanding a market capitalisation (m-cap) of Rs 2,84,001.64 crore.
The IT firm recently announced that it has acquired US-based insurtech firm Aggne Global Inc and its Hyderabad-based affiliate Aggne Global IT Services for $66 million.
Technical analysts largely suggested that the stock looked 'strong' on charts. Immediate support will be at Rs 530. And, a decisive breach above Rs 550 level is likely to trigger more upside.
"The stock has indicated a clear breakout above the previous peak zone of Rs 529. It is trading at 52-week high zone of Rs 544 with strong upward trend maintained. Next upside targets are Rs 585-620 levels. With near-term support now placed at Rs 530 zone, one can expect for further rise in the coming sessions," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Support will be at Rs 528 and resistance at Rs 550. A decisive close above Rs 550 level may trigger a further upside till Rs 575. Expected trading range will be between Rs 500 and Rs 580 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"Wipro has witnessed positive developments in the current calendar year with nearly 15 per cent gains. After quite an extended period, the counter has seen such traction and now has headed to its next potent resistance at the Rs 547-552 zone. The undertone remains robust with some in-between hiccups. However, the mentioned zone must be closely watched for the counter in the intermediate period. While on the lower end, support lies around Rs 510-500, said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"The stock has witnessed a breakout on daily and weekly charts. The overall trend looked strong and one can expect a near-term target price of Rs 570. Keep stop loss placed at Rs 530," DRS Finvest founder Ravi Singh.
As of December 2023, promoters held 72.90 per cent stake in the IT firm.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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Shares of Wipro Ltd continued their upward march for the sixth straight session in Friday's trade. The stock surged 5.16 to scale a one-year high of Rs 545. At this price, it has gained 54.90 per cent from its 52-week low value of Rs 351.85, a level seen on April 17 last year. The stock saw heavy trading volume today as 6.16 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 5.07 lakh shares. Turnover on the counter came at Rs 32.83 crore, commanding a market capitalisation (m-cap) of Rs 2,84,001.64 crore.
The IT firm recently announced that it has acquired US-based insurtech firm Aggne Global Inc and its Hyderabad-based affiliate Aggne Global IT Services for $66 million.
Technical analysts largely suggested that the stock looked 'strong' on charts. Immediate support will be at Rs 530. And, a decisive breach above Rs 550 level is likely to trigger more upside.
"The stock has indicated a clear breakout above the previous peak zone of Rs 529. It is trading at 52-week high zone of Rs 544 with strong upward trend maintained. Next upside targets are Rs 585-620 levels. With near-term support now placed at Rs 530 zone, one can expect for further rise in the coming sessions," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Support will be at Rs 528 and resistance at Rs 550. A decisive close above Rs 550 level may trigger a further upside till Rs 575. Expected trading range will be between Rs 500 and Rs 580 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"Wipro has witnessed positive developments in the current calendar year with nearly 15 per cent gains. After quite an extended period, the counter has seen such traction and now has headed to its next potent resistance at the Rs 547-552 zone. The undertone remains robust with some in-between hiccups. However, the mentioned zone must be closely watched for the counter in the intermediate period. While on the lower end, support lies around Rs 510-500, said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"The stock has witnessed a breakout on daily and weekly charts. The overall trend looked strong and one can expect a near-term target price of Rs 570. Keep stop loss placed at Rs 530," DRS Finvest founder Ravi Singh.
As of December 2023, promoters held 72.90 per cent stake in the IT firm.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read | Hot stocks on February 16: NIIT, Gujarat Gas, IREDA, Data Patterns, SJVN and more
Also read | Stock recommendations by analyst for February 16: Tata Power, EIH and SJVN
Also read | Natco Pharma stock up 18% today, 26% in 4-day rally. Nuvama shares target price