Wipro’s share price today, on October 10, has demonstrated notable dynamics. As of 12:00 PM, Wipro shares are trading at ₹534.4, which marks a 0.56% increase from the previous closing price. The benchmark Sensex is also showing positive momentum, trading at ₹81,741.83, up by 0.34%. Throughout the trading session, Wipro’s stock has reached a high of ₹537.3 and a low of ₹530.4, indicating some fluctuation but overall resilience in its pricing.
Technical Analysis of Wipro Shares
On the technical front, Wipro shares are currently trading above multiple Simple Moving Averages (SMA) including the 5, 50, 100, and 300-day SMAs, indicating a robust long-term trend. However, they are trading lower than the 10 and 20-day SMAs, suggesting a short-term correction might be underway. Traders should watch for support at the longer-term SMAs while facing potential resistance at the shorter-term averages.
SMA Values and Market Insights
The stock’s SMA values are crucial indicators and can provide insights into market trends. For instance, the classic pivot level analysis on a daily time frame reveals critical resistance levels at ₹537.17, ₹543.03, and ₹547.37. Conversely, the stock has established key support levels at ₹526.97, ₹522.63, and ₹516.77. This information is vital for traders to strategize their actions effectively.
Trading Volume Analysis
Until the close of trading session on this day, the volume traded on NSE and BSE for Wipro shares increased by 4.79% compared to the previous trading session. This rise in volume indicates a potentially convincing trend, suggesting that positive price movements coupled with high trading volumes could signal a sustainable uptrend. Conversely, if prices begin to decline while volumes remain high, this could indicate further potential losses.
Overall Market Sentiment
Based on technical analysis from Mint, Wipro’s stock is currently signaling a possible reversal following a strong upward trend. Investors should remain vigilant for any signs of shift in momentum as market conditions evolve.
Fundamental Analysis of Wipro
From a fundamental standpoint, Wipro exhibits a Return on Equity (ROE) of 14.43%, highlighting its efficiency in generating profits from shareholders’ equity. The current Price-to-Earnings (P/E) ratio stands at 24.89, while the Price-to-Book (P/B) ratio is identified at 3.56. These figures suggest that the company remains relatively valued in the technology sector but investors need to analyze if they offer good returns compared to their risk levels.
Market Outlook
Analysts forecast that Wipro’s share price may have a median one-year upside of approximately 4.38%, with a target price set at ₹511.00. This projection indicates cautious optimism among market observers regarding the stock’s performance in the coming year.
Shareholding Structure
The company’s shareholding structure shows a promoter holding of 72.82%, with mutual funds holding 4.64% and foreign institutional investors (FIIs) accounting for 7.12% as per the latest filings for the June quarter. This distribution signifies a strong backing from the promoters and reflects a gradual interest from institutional investors.
Recent Trends in Mutual Fund and FII Holdings
Notably, mutual fund holdings have shown a slight increase from 4.60% in March to 4.64% in the June quarter, reflecting a growing confidence among fund managers. Similarly, FII holdings have increased from 6.96% to 7.12% during the same period, indicating a positive trend in foreign investment.
Conclusion
To summarize, Wipro’s share price gained 0.56% today, currently standing at ₹534.4, while many of its peers are showing declines. Overall, the benchmark indices Nifty and Sensex are up by 0.1% and 0.34%, respectively. This mixture of technical indicators and fundamental analysis provides investors with valuable insights into Wipro’s standing in the market, helping them to make informed decisions moving forward.
