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Business News/ Markets / Stock Markets/  Wipro share price trades lower ahead of Q4FY23 results. What should investors do?
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Wipro share price trades lower ahead of Q4FY23 results. What should investors do?

Wipro share price today opened upside but soon hit intraday low of ₹373.10 apiece on NSE after profit booking trigger

Wipro results is expected today and market is expecting dividend announcement and concrete roadmap for buyback of shares declared recently. (MINT)Premium
Wipro results is expected today and market is expecting dividend announcement and concrete roadmap for buyback of shares declared recently. (MINT)

Stock market today: Ahead of Q4FY23 results announcement today, Wipro share price witnessed profit booking within few minutes of stock market's opening bell today. Wipro share price today opened with upside gap but soon drifted into the red zone hitting intraday low of 373.10 apiece on NSE.

According to stock market experts, investors are cautious after announcement of weak Infosys and TCS results in recently ended Q4FY23. They said that the fall in Wipro share price can be attributed to the recent rise in the stock due to short term positive sentiment after the announcement of buyback of shares. Market experts advised investors to maintain stop loss at 345 and wait for Wipro Q4 results.

Wipro share price outlook

Speaking on Wipro share price outlook, Ravi Singhal, CEO at GCL Broking said, “Wipro share price recently made some upside movement due to announcement of buyback of shares by the Indian IT major. However, the market is cautious about the Q4 results of the company after weak quarterly numbers from TCS and Infosys. So, Wipro share price holders are advised to maintain stop loss at around 345 apiece levels till the company declares its Q4 performance."

On technical chart pattern in regard to Wipro shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "Wipro shares are trading in 345 to 400 apiece levels. Those who have this stock in their portfolio, they are advised to maintain stop loss below 345 and wait for 400 per share short term target."

Wipro results preview

Azim Premji-backed Wipro stock is in focus today as the Indian IT giant is going to announce its fourth-quarter earnings for FY23 later on the day. Apart from the earnings report, Wipro is also likely to announce details of the buyback plan. It will be keenly watched if there is any dividend stored in the cards just like its rivals.

Wipro buyback 2023

Wipro recently announced buyback of shares citing, "Board of Directors of the Company is scheduled on 27/04/2023, inter alia, to consider and approve The Board of Directors of the Company will be considering a proposal to buyback equity shares of the Company and the matters necessary and incidental thereto, in accordance with the applicable provisions of the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws, at its meeting scheduled to be held over April 26 - 27, 2023."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 27 Apr 2023, 09:53 AM IST
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