As of October 14, 2023, at 11:21 AM, Wipro shares are showing a positive trend, trading at ₹538.55. This reflects a rise of 1.81% from the previous closing price, indicating a robust performance amidst market fluctuations. The Sensex has also experienced an increase, trading at ₹81,908.44, which is up by 0.65%. During the trading session, Wipro’s stock reached a high of ₹545.35 and a low of ₹536.40.
Technical Analysis of Wipro Shares
From a technical perspective, Wipro’s stock is currently positioned favorably above its short-term simple moving averages (SMA) for 5, 10, and 20 days, as well as the longer-term moving averages for 50, 100, and 300 days. This upward trajectory is a promising sign for investors looking for growth.
SMA Values Overview
The specific SMA values are vital in assessing the stock’s momentum and potential direction.
Pivot Level Analysis
According to classic pivot level analysis on a daily timeframe, Wipro’s stock faces crucial resistance levels at ₹535.82, ₹542.13, and ₹549.87. On the other hand, key support levels are identified at ₹521.77, ₹514.03, and ₹507.72. These levels are essential for traders to understand potential price fluctuations.
Trading Volume Insights
Up to 11 AM today, trading volume for Wipro on both NSE and BSE surged by an impressive 642.72% compared to the previous session. High trading volume is a critical indicator alongside price changes, as significant price movements backed by increased volume often signal a sustained trend—whether upward or downward.
Investment Sentiment
Analyses indicate that Wipro is currently experiencing a strong bullish trend. This sentiment is reinforced by the recent price changes and increased trading activity, suggesting a favorable outlook for investors.
Fundamental Analysis Overview
From a fundamental perspective, Wipro boasts a Return on Equity (ROE) of 14.43%. The stock currently presents a Price-to-Earnings (P/E) ratio of 24.76 and a Price-to-Book (P/B) ratio of 3.54, which are important metrics for evaluating valuation and investment potential.
Price Forecast
The median 1-year forecast for Wipro’s stock suggests an upside potential of 5.12%, setting a target price of ₹511.00. This projection provides insight for long-term investors considering Wipro as a viable option in their portfolio.
Shareholder Composition
According to the latest filings for the September quarter, Wipro reports a promoter holding of 0.00%, with mutual fund (MF) holdings at 4.35% and foreign institutional investor (FII) holdings at 7.27%. This information is significant for assessing the company’s ownership dynamics and investor confidence.
Trends in Mutual Fund Holdings
Notably, MF holdings have seen a decrease from 4.64% in June to 4.35% in September, indicating a shift in institutional investment strategies. Conversely, FII holding has risen from 7.12% to 7.27% during the same period, suggesting a growing interest from foreign investors.
Market Comparison
Today, Wipro’s stock price has increased by 1.81%, standing at ₹538.55, even as some of its peers, such as Info Edge India and Eclerx Services, are experiencing declines. However, companies like Zomato are showing positive movement, reflecting mixed performance across the sector. Overall, key benchmark indices, including Nifty and Sensex, are up by 0.46% and 0.65% respectively, illustrating a generally buoyant market atmosphere.
