Wipro share price dips 40% from 52-week high. Right time to accumulate?
Wipro share price today is ₹447.50 apiece, which is around 40 per cent lower from its 52-week high of ₹739.85 on NSE
Wipro share price: After surging to 52-week high in January 2022, Wipro shares have been under consolidation phase. In YTD time, this IT major has shed around 37.50 per cent. Wipro share price today is ₹447.50 apiece, which is around 40 per cent lower from its 52-week high of ₹739.85 on NSE. So, the stock might attract attention of positional investors who are looking for quality stocks available at discounted price.
According to stock market experts, Wipro share price is on verge of breakdown and there can be more downside in the stock after the breakdown. They said that the stock is in ₹440 to ₹470 range and can go down to ₹ ₹400 to ₹380 after the breakdown.
Speaking on Wipro share price outlook, Tirthankar Das, Head of Technical Research at Ashika Group said, "Wipro share price continues to remain in downtrend forming lower low and is on the verge of breakdown below previous low, signaling further downsides in coming sessions at the breach of 440 levels. However, Wipro is near a falling trendline support in prices and a positive divergence in RSI in the daily time frame are indicating of a bullish reversal in prices. RSI presently trading above 30 mark and inside the Bollinger Band indicating of a possible turnaround in prices. To add further the level of 440-450 coincides with 50% retracement of the entire rally since Mar’20."
Sumeet Bagadia, Executive Director at Choice Broking said, "Wipro share price is in range of ₹440 to ₹470 and it may go down to ₹410 to ₹400 in near term after breakdown. The overall trend of the stock is down as well. So, one should avoid buying at current levels and wait for the stock to stabilize after the breakdown. The stock may become bullish after it breached the hurdle placed at ₹470 and sustains above this level on closing basis."
On suggestion to those who want to buy Wipro shares, Tirthankar Das of Ashika Group said, "A sustained close above 475 can accelerate the pullback towards ₹510 to ₹525. For Investors, it would be advisable to show patience as trend clearly remains in favour of the bears and lower level of ₹380 to ₹400 can be seen in near term."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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