Friday’s business session ended with shares of Wipro Ltd. up 2.89 percent. On a year-to-date (YTD) basis, the stock has gone down 2.02%, while the benchmark BSE Sensex has gone down 0.9%. Still, the stock is up 9.46% from its 52-week low of Rs 351.85, which was on April 17. The share, on the other hand, has dropped by 27.33% from its one-year high of Rs 530 on April 29 of last year.
In terms of revenue, the IT company’s net profit fell by 0.40 percent in the March quarter (Q4 FY23) to Rs 3,074.50 crore from Rs 3,087.30 crore during the same time last year. Even so, sales for the quarter went up 11.1% to Rs 23,190.30 crore from Rs 20,860 crore in the same quarter last year.
Wipro also agreed to buy back up to Rs 12,000 crore worth of its own shares.
Technical analysts said that the price could go up by more than Rs 400 in the short run. The counter could find support at Rs 370, and then again at Rs 365.
The counter recently displayed bullish divergence on daily charts, according to Shares and Stock Brokers Jigar S. Patel, Senior Manager – Technical Research Analyst at Anand Rathi. At the moment, the stock is selling for a lot more than its previous swing high of Rs 379. One can buy Wipro here with a potential gain of Rs 420 and a stop-loss of Rs 365.
Rajesh Bhosale, a Technical Analyst at Angel One, said, “Despite being an underperformer, Wipro has recently shown strong positive progress with high volumes and corporate action following a two-month base formation at the Rs 360-350 levels. Our outlook on this stock is good, and it could retest the 200-SMA (Simple Moving Average) at the Rs 400 level in the near future. If the stock keeps trading above this level, it could get more good momentum and move towards Rs 420. Around Rs 370-365, the stock is getting strong support at the moment.”
“Despite middling Q4 FY23 earnings, a proposed buyback offer has resulted in a strong rally in Wipro with good support at Rs 370 on the daily charts,” stated AR Ramachandran of Tips2trades. A daily finish above Rs. 393 could lead to short-term goals of Rs. 402-413.”
Wipro moved higher than the 5-day, 20-day, and 50-day moving averages, but lower than the 100-day and 200-day moving averages. The relative strength index (RSI) for the market over the past 14 days was 61.19. Oversold is described as a level below 30, and overbought is a level above 70. The stock of the company has a price-to-equity ratio (P/E) of 23.03. The price-to-book (P/B) ratio for this item is 3.37.
Trendlyne data showed that the average price goal for the stock is Rs 420.08. This means that the stock could go up by 9.11%. The stock’s one-year beta is 1.13, which means it is very volatile.
In the meantime, Indian stock market standards were closed today because it was Maharashtra Day. The domestic standards made their seventh straight session of gains in the last session. On Friday, the 30-share benchmark Sensex pack went up 463 points, or 0.76 percent, to 61,112, and the wider NSE Nifty index went up 150 points, or 0.84 percent, to 18,065.