Wipro shares in a multi-month downtrend; price targets, resistance and support levels

Shares of Wipro Ltd slipped to a fresh 52-week low for the second straight session today amid weak sentiment in the broader market.

Wipro shares, which have slipped 38% this year, hit a low of Rs 165.20 in the current session. The IT stock fell to a low of Rs 166.35 in the previous session. Market cap of Wipro fell to Rs 1.65 lakh crore. Wipro shares are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Its RSI lies at 30, indicating the stock is on the verge of entering the oversold zone. Total 2.91 lakh shares of the firm changed hands amounting to a turnover of Rs 4.85 crore.

Virat Jagad, Senior Technical Analyst at Bonanza Portfolio said, "Avoid entry now as Wipro is in a clear, multi-month downtrend making consistent lower highs and lower lows. Price trades below all key EMAs (20, 50, 100, 200), with heavy red volume confirming active distribution. While RSI near 30 signals oversold conditions that could spark a minor relief rally, buying into strong overhead resistance and bearish momentum carries excessive risk."

Hitesh Tailor, Technical Research Analyst at Choice Broking said, "Currently, the Rs 150–155 zone remains a crucial support area, aligned with the earlier long-term breakout region. Holding this zone could provide a base for recovery, while the Rs 185–190 zone remains the immediate resistance. A decisive breakout and sustained move above this resistance would indicate improvement in the price structure and open the possibility of a stronger recovery. A sustained recovery in RSI from these lower levels, along with price holding the Rs 150–155 support zone, will provide early signs of stabilisation. Overall, the stock remains sideways to bearish, and this structure is likely to persist as long as the stock continues to trade below the Rs 185– Rs 190 resistance zone and fails to establish a higher-high formation."

Jigar S Patel from Anand Rathi said, "Support is placed at Rs 160 while resistance stands at Rs 171. A decisive breakout above Rs 171 could open the door for further upside towards Rs 175. For the short term, the stock is expected to trade within the Rs 160-Rs 175 range."