Wipro shares: Some analysts see potential upside in stock price
- On account of strong quarterly numbers, Wipro is going to remain one of the newsmaker stocks throughout the intraday trade
Wipro on yesterday reported a 0.1 per cent QoQ (quarter-on-quarter) rise in its consolidated profit at ₹2,972 crore in the March 2021 quarter. The company posted a consolidated profit of ₹2,968 crore in the quarter ended December 2021. The IT company reported guidance to the tune of 4 per cent which is a good number from the Wipro standards. According to stock market experts, strong quarterly numbers of Wirpo is expected to reflect in the strong Wipro share price opening today. They said that Wipro shares can go up to ₹500 levels in just one month time-horizon.
Speaking on the Wirpo quarterly numbers supporting Wipro stock price Avinash Gorakshkar, Head of Research at Profitmart Securities said, "On account of strong quarterly numbers, Wipro is going to remain one of the newsmaker stocks throughout the intraday trade. It has announced near 4 per cent guidance that is a good number from Wirpo standards. I am expecting Wipro stocks to go up to ₹460 in next two to three trade sessions."
On Wipro share price outlook in short term time-horizon Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Wipro share price has recently made falling channel breakout that augurs well for the upside movement in the IT counter. One can buy Wipro stocks at current market price for the intimidate target of ₹450 to ₹460. But, once it breaks this hurdle, Wipro shares may soon go up to ₹500 levels in coming one month."
Singre advised stock market investors to maintain stop loss at ₹410 and once it breaks ₹450 hurdle and sustains above it, he advised to upgrade the stop loss at ₹430.
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