14 Jun , 2022 By : Kanchan Joshi
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 Rs447.50 apiece, which is around 40 per cent lower from its 52-week high of Rs739.85 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 Rs440 to Rs470 range and can go down to Rs400 to Rs380 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 Rs440 to Rs470 and it may go down to Rs410 to Rs400 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 Rs470 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 Rs510 to Rs525. For Investors, it would be advisable to show patience as trend clearly remains in favour of the bears and lower level of Rs380 to Rs400 can be seen in near term."
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