Shares of Wipro Ltd surged 5.46 per cent in Friday’s trade to hit a high of Rs 486.15. Today’s upward move in the share price came after the IT firm said it has been awarded a $500-million deal by a leading US communication service provider over a period of five years.
“Wipro shall provide managed services for some products and industry specific solutions,” Wipro said in a BSE filing.
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On technical setup, support on the counter may be seen at Rs 460, followed by Rs 450 and Rs 400 levels. And, immediate resistance could be found at Rs 500.
“The stock has potential to see Rs 550-600 levels by this December. Keep stop loss placed at Rs 400,” Kiran Jani, Head of Technical Research at Jainam Broking, told Business Today TV.
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For the near-term, Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, suggested taking an exit at current levels as the counter can face resistance near Rs 500 level.
“A decisive breach above the resistance level of Rs 493 shall strengthened the trend and expect for further rise in the coming days with higher targets of 505 and 532 levels expected. Immediate support shall be maintained near the Rs 470 zone,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
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“Wipro has seen strong traction in the last couple of trading sessions. The Rs 468-462 range is likely to cushion any short-term blip, while sacrosanct support lies around Rs 450 sub-zone. On the higher end, Rs 490-498 withholds a major hurdle, and a decisive breach could only trigger a fresh round of longs in the counter from a short to medium-term perspective,” said Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One.
“Support will be at Rs 460 and resistance at Rs 490. A decisive close above Rs 490 level may trigger a further upside till Rs 520. The expected trading range will be between Rs 450 and Rs 520 for a month,” said Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
As of March 2024, promoters held a 72.89 per cent stake in the IT firm.
