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Published: December 23, 2023
Updated: December 23, 2023

Wipro's Remarkable Rally: A 7% Surge Sparks Positive Momentum

Wipro Ltd has experienced a noteworthy surge, jumping over 7% to reach a one-year high at Rs 466.15. This substantial uptrend prompts a closer examination to assess its strength and sustainability.

Performance Metrics:

The stock's resilience is evident, marking a 32.49% gain from its one-year low of Rs 351.85 recorded on April 17. The surge in trading volumes, with around 20 lakh shares exchanging hands on the BSE, significantly surpasses the two-week average volume of 3.46 lakh shares.

Market Dynamics:

Contributing to a turnover of Rs 90.79 crore, Wipro commands a market capitalization of Rs 2,41,721.34 crore. The substantial number of buy orders compared to sell orders indicates a prevailing bullish sentiment in the market.

Technical Analysis Overview:

Analysing the technical landscape, near-term support is identified around Rs 445, with potential resistance seen above the Rs 500 zone. The stock's current trading position above the 50-week moving average suggests a sustained upward movement.

Market Sentiment:

Observations from technical analysts collectively suggest unanimous optimism regarding Wipro's stock trajectory. Forecasts indicate a potential trading range between Rs 430 and Rs 530, reflecting the prevailing positive sentiment in the market.

Sustained momentum to be monitored:

Wipro's recent ascent to a one-year high reflects a resilient bullish momentum. The technical and market dynamics suggest a favorable outlook, emphasizing the potential for sustained upward movements in the stock.