Wipro Limited (WIPRO) Stock - Complete Technical Analysis - Dec 23, 2024

Wipro Stock Technical Analysis Key Support and Resistance Levels Dec 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Wipro's stock is showing some cautious signs, with the price at 305.20, just below the 52-week high of 313.8. This suggests the potential for resistance near the 315-320 level. Recently, the stock has exhibited bearish price action, forming patterns like the Evening Star and Bearish Engulfing, which typically indicate a reversal or pause in upward momentum. Support can be found near the 304 level, which acted as a recent low, while the 301-304 zone is critical for the stock's short-term trend. The Relative Strength Index (RSI) remains neutral, signaling that the stock is neither overbought nor oversold, indicating that while there is some selling pressure, the stock could still be a buy near support levels. The Average Directional Index (ADX) suggests a strong trend, but it doesn't indicate a clear bullish or bearish direction at the moment, implying that a breakout in either direction may follow. The MACD is still in positive territory, signaling potential continuation of upward momentum, but a move above the 315 resistance is needed to confirm the bullish case. Additionally, the stock is trading above its short-term EMAs, suggesting that these levels could offer dynamic support if a pullback occurs. Watching for volume confirmation around these key levels will be essential for traders looking to enter or exit positions in Wipro. A break above 315 could open the door to higher levels, while failure to hold support near 305 could indicate further downside risk.