Wipro stocks are up for a second consecutive day today, rising 1.19% as the stock hit ₹584.85 per share up from the previous close of ₹577.95. It is another bullish day for Wipro seen here with intense trading and a positive market outlook.
On the previous trading day, Wipro shares closed at ₹572.30 which was a marginal decline. Today, the stock opened at ₹575.75 and reached an intraday high of ₹585.35 surpassing its first resistance level of ₹581.77. Analysts predict that breaking the second resistance at ₹585.83 could lead to a further uptrend.
Trading volumes today have surged with a 14.2% increase in activity as of 2 PM, compared to the previous session. The BSE recorded a volume of 247,740 shares, while the broader market saw mixed trends.
The short-term as well as the long-term technical signals are positive for Wipro. The Simple Moving Average of five days is currently placed at ₹580.95 keeps pace with the current selling price and confirms its bullish formation. The stock prices of Wipro are above the two crucial support areas of ₹572.62 and ₹567.53 which sign a good support for the consistent upward movement.
However, analysts advise caution as Wipro approaches its next resistance levels of ₹585.83 and ₹590.92. Consensus ratings show a “Hold” recommendation, with the median price target set at ₹500. While some experts suggest a potential upside to ₹700 in the next year, others forecast a possible pullback.
There were similar sentiments among other competitors, food delivery company Zomato and Info Edge India posted positive numbers mainly in the IT and services industries. Meanwhile, the Nifty and Sensex dipped marginally by 0.09% and 0.3% respectively.