Wipro Limited (WIPRO) Stock - Complete Technical Analysis - Oct 14, 2024

Wipro Limited Stock Analysis: Bullish Momentum or Temporary Correction Partha Kuchana

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 is currently trading at 549.55, just below the 52-week high of 579.90. This stock is experiencing positive momentum, as evidenced by the 46.53% rise from the 52-week low of 375.05. Recently, the stock opened at 538.70, dipped to a low of 536.30, but surged to a high of 551.85 before closing at 549.55. This movement indicates a bullish trend, supported by the positive divergence seen in the Relative Strength Index, which suggests a strengthening price momentum.

The Average Directional Index (ADX) is relatively low, indicating weak trend strength, but this can also signify a potential build-up for a stronger trend in the future. The MACD is positive, reinforcing the bullish sentiment. The Awesome Oscillator has turned negative, which may signal a short-term correction, but the Bull Bear Power is strong, hinting at buying strength in the market.

Traders should pay attention to support at around 537, which aligns with recent pivot levels and moving averages. Resistance is noted at 551.85, and if the price breaks above this, it could lead to further upside towards the previous highs. Volatility remains moderate, with the Average True Range indicating price fluctuations. Overall, Wipro exhibits a favorable technical setup for traders, suggesting a potential upside, albeit with caution due to the short-term corrective signals.