Wipro Limited (WIPRO) Stock - Complete Technical Analysis - Sep 24, 2024

Wipro Stock Analysis: Key Levels, Patterns & Trading Insights

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 Limited (WIPRO) Technical Analysis:

Currently trading at 539.55, Wipro has shown a resilient pattern amidst market fluctuations. The stock is 6.96% below its 52-week high of 579.9, reached on July 19, 2024, and is 43.86% above its 52-week low of 375.05, marked on October 26, 2023.

The presence of a bullish engulfing pattern indicates potential upward momentum, with the latest session closing at 539.55 after hitting a low of 529.35. The stock has formed an inside candle pattern recently, suggesting consolidation as it traded within a narrow range for four days.

Examining the technical indicators, the Average Directional Index (ADX) stands at 13.03, reflecting a weak trend, but the Relative Strength Index (RSI) at 55.06 indicates the stock is nearing overbought territory, signaling potential price resistance ahead. The Stochastic oscillator supports this, with a value of 56.42, hinting at a continuation of the bullish momentum if it breaks above its resistance levels.

Moving averages are aligned positively, with the Exponential Moving Average (EMA) for the 10-day period at 536.83 acting as a dynamic support. The MACD level at 5.79 further supports the bullish sentiment, although traders should remain cautious given the average true range (ATR) of 96.54, which suggests potential volatility ahead.

In summary, Wipro is currently positioned in a consolidation phase with key support around 532 and resistance near 560. Traders should watch for a breakout above resistance to capitalize on potential gains while monitoring the indicators for any signs of trend reversal.