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Business News/ Markets / Stock Markets/  Why Wipro stock is Anand Rathi's top pick for the month despite 21% dip in 2022 so far

Wipro shares have been under pressure since quiet some time but at this juncture its trading near its crucial support, as per domestic brokerage and research firm Anand Rathi, which has recommended the IT stock as its top pick for February.

“Previously, the IT stock turned from this level and we saw a rally towards 725. On DAILY chart there is bullish Special Gartley pattern which is looking lucrative," the brokerage note stated. Thus, Anand Rathi has recommended Wipro as its top stock pick for the month, based on the technical analysis. The brokerage has a target price of 629, and it has advised traders to go long in the stock with a stop loss of 530.

The IT services major Wipro posted a consolidated net profit of 2,969 crore for the December 2021 quarter, and said it has logged strong performance in revenues and order bookings. The profit was almost flat from the year-ago period of 2,968 crore. 

Its revenue from operations grew 29.6% to 20,313.6 crore, from 15,670 crore in the quarter ended December 2020. Wipro also declared an interim dividend of Re 1 per equity share.

Wipro, which gets a bulk of its topline (revenue) from IT services, said it expects revenues from that business to be in the range of $2,692-2,745 million in the March 2022 quarter. This translates into a sequential growth of 2-4% for the March quarter.

The IT stock has rallied over 31% in a year, however, shares of Wipro are about 21% down in 2022 (year-to-date or YTD) so far, as compared to a 2% fall in benchmark BSE Sensex. 

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Updated: 17 Feb 2022, 03:16 PM IST
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