Wipro Limited (WIPRO) Stock - Complete Technical Analysis - Oct 04, 2024

Wipro Stock Analysis: Navigating Price Trends and Key Levels for Traders

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's stock is currently trading at 533.55, reflecting a 7.99% drop from its recent 52-week high of 579.9, achieved on July 19, 2024. The stock is showing a strong recovery trend, being 42.26% above its 52-week low of 375.05 from October 26, 2023. An inside candle pattern was noted on October 3, 2024, with a parent high of 542.4 and a low of 526.25, indicating potential consolidation.

The last five trading sessions have exhibited mixed signals, with the latest session closing at 533.55 after an intraday high of 541.95. Notably, a sudden surge was seen on October 1, when the stock peaked at 549.60, followed by a correction in the subsequent days. This suggests that traders should closely monitor these levels for breakouts or reversals.

From a technical perspective, the MACD is showing bullish momentum, while the RSI is at a neutral level, indicating no strong overbought or oversold conditions. The ADX is relatively low at 12.07, suggesting that the current trend lacks strength, which may lead to potential price volatility. The stock is trading below key moving averages, including the 10-day and 20-day EMAs, which are positioned at 537.62 and 535.45, respectively.

Support levels can be identified around the recent low of 526.25, while resistance may be tested at the 542.4 level. If Wipro manages to breach this resistance, it may pave the way for a more significant upward move towards higher targets. Conversely, any drop below 526.25 could trigger further selling pressure. Therefore, traders should consider these levels while strategizing their entries and exits in Wipro stock.

In summary, while Wipro shows signs of recovery, traders should be cautious and watch for breakouts or further consolidation as the stock navigates through its current price range.