Wipro Ltd is a global Information technology, consulting and business process services (BPS) company. It is the 4th largest Indian player in the global IT services industry behind TCS, Infosys and HCL Technologies.
Wipro was in consolidation & accumulation phase from July 2022 to December 23.
After that it broke out of this consolidation zone with good buying volumes & went till 550. Now it is retracing back to breakout zone which is 450.
Wipro is a company with good fundamentals so it can be considered for medium to long term investment.
Wipro CMP - 452
It can be accumulated at current level for long term Investment perspective.
More position can be added at 410 - 415 levels.
Stoploss can be 350 or below 350.
Targets can be 545, 600 & 720 which represents 21%, 35% & 58% upside from current level respectively.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my investment position. You can track it for educational purposes. Thanks!
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Invested 70% allocation at CMP 450
I will invest 30% more at 410 - 420
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CMP 452
Touched 440 which was breakout level and reversed immediately.
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CMP 466
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Consolidating in a narrow range & getting ready for up move.
Analysis is absolutely correct. But middle east situation is uncertain which will impact share price in short term.
akshit_official
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@Poojakhosya There have been many similar situations in the past for example russia-ukraine war, higher inflation and interest rates, inverted yield curves, change in govt policies etc. and many black swan events like covid crash etc. but markets have always recovered from those events and soared to new highs. All you need is - the trend should be in your favour, valuations should be low and one must have patience to hold their position till target levels. That’s why Wipro is an investment pick for me and not a trading bet. :)