Wipro share price fell nearly 0.20% today. However, Prabhudas Lilladher has recommended buying and accumulating the stock of Wipro, in a research note citing high bottom formation on the daily chart. “The stock has been in a gradual rise with a series of higher bottom formation patterns on the daily chart and has moved past the significant 200 period daily MA and 50EMA levels near 390-395 zone with improvement in the bias,” said the report.
The brokerage report further highlighted that the relative strength index (RSI) is positioned well and on rise with strength which indicates further upward movement in the coming days. The report recommended buying and accumulating the Wipro stock, with a target price of Rs 470 and cautioned to put a stop loss at Rs 395. “With the chart looking good, we suggest to buy and accumulate this stock for an upside target of Rs 470 keeping the stop loss of Rs 395,” said the report.
Wipro Stock Performance
Wipro’s market cap stands at Rs 2.17 lakh crore, the P/E ratio is 19.66, and the dividend yield is 0.24 %. Wipro share prices surged 6.59% in the last month after the Indian IT giant published its Q1FY24 results in July. It reported a profit of Rs 2,870.10 crore, up 12% in comparison to Rs 2,563.60 crore during the same period last year. The company reported its revenue at Rs 22,831 crore, up 6.1 % against Rs 21,528.60 crore in Q1FY23. Wipro share price has gained 3.61% in the last 5 days, 1.80% in the last 6 months and 5.75% year till date. The price for the 52-week high was Rs 444.90 on August 17, 2022, whereas the 52-week low fell to Rs 352 on April 17, 2023.