Wipro Ltd shares climbed substantially in Friday's trading session, reaching a one-year high. The stock increased 7.38% to a 52-week high of Rs 466.15. Taking this price into account, the scrip has risen 32.49 percent from its one-year low of Rs 351.85, which was reached earlier this year on April 17. Wipro had significant trading volumes today, with 17.77 lakh shares changing hands on the BSE. The volume was much higher than the two-week average volume of 3.46 lakh shares.
The turnover was Rs 80.83 crore, and the market capitalisation (m-cap) was Rs 2,40,937.71 crore. 15,64,758 buy orders were placed vs 2,48,322 sell orders. According to technical analysts, the counter may find support near Rs 445. On the upside, resistance may be found at Rs 500.
"Support will be at Rs 445, and resistance will be at Rs 500," Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said. The projected trading range for the month is between Rs 430 and Rs 530."
"The stock is likely to see Rs 510-512 levels in the near term," said DRS Finvest founder Ravi Singh. Maintain a strict stop loss of Rs 445."
"Wipro stock price looks slightly bullish but also overbought on daily charts with next resistance at Rs 480," said AR Ramachandran of Tips2trades. A daily closing below Rs 447 support could go to Rs 385 in the near term."
In a recent note on Wipro, Motilal Oswal Securities stated that an increase in large deal wins and quarterly deal total contact value (TCV) of $1 billion or more indicate that the IT firm's tactics are proving effective despite adverse macroeconomic conditions.
Wipro, according to Motilal, is stepping up its efforts to enhance margins. "Although the IT firm has witnessed partial recovery post the inorganic investments, it is making further efforts to turnaround and improve the margin profile of the acquired entities," according to the brokerage.
