In line with other Indian IT firms, Wipro Ltd.’s shares saw a steep decline on Friday following Accenture, a US software giant, lowering its fiscal 2024 sales prediction.
Today, the stock fell 4.24 percent, reaching a low of Rs 479.45 for the day. At Rs 488.25, it was last seen trading 2.49 percent lower. The share has increased by 16.62 percent over the last six months and by 2.32 percent year to date (YTD) at this pricing.
The counter’s technical setup support was valued at Rs 483. Resistance can be detected in the vicinity of Rs 500.
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, “The stock looked weak on daily charts and may slip towards Rs 460 level. Resistance will be at Rs 492.”
“Wipro looks slightly bearish on daily charts with strong resistance at Rs 502. A daily close below support of Rs 483 could lead to a downward target of Rs 455 in the near term.”
AR Ramachandran, Tips2trades
While the counter was trading higher than the 100-day, 150-day, and 200-day SMAs, it was trading lower than the 5-day, 10-, 20-, 30-day, and 50-day SMAs. The relative strength index (RSI) for the counter after 14 days was 38.18. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70.
In comparison to the price-to-book (P/B) ratio of 4.89, the company’s stock has a price-to-equity (P/E) ratio of 29.27. The company reported 17.10 earnings per share (EPS) and 16.69 return on equity.
Approximately 5.08 lakh shares were last seen trading on the BSE today. The amount exceeded the 2.30 lakh share two-week average volume. With a turnover of Rs 24.63 crore, the counter had a market capitalization (m-cap) of Rs 2,54,535.52 crore.
Previously, Capco’s CEO was appointed by Wipro to be Anne-Marie Rowland. Rowland will answer to Thierry Delaporte, the managing director and CEO of Wipro.
