Bank stock jumps 5% after Tikri Partners bought 2.2% stake in the company via bulk deal
Stocktwits - Wipro (NSE:WIPR) shares are on the verge of a sustained bull run, according to SEBI-registered analyst, Bharat Sharma of Stockace Financial Services.
The stock has been in a steady uptrend for the past two months, gaining strength after breaking above a key resistance level.
The analyst said that the stock recently formed a rounded bottom at a key low, strengthening the bullish momentum and suggesting a potential continuation of the upward trend.
The stock is trading comfortably above its 20-day and 50-day exponential moving averages (EMA) for the first time in three months, Sharma noted. This suggests renewed buying interest and improving sentiment around the stock.
The stock is currently facing resistance in the ₹262–₹264 range, which coincides with its 100- and 200-day EMAs, Sharma said.
However, the strong underlying trend and positive price action suggest a high likelihood of breaking through this zone, potentially triggering the next leg of the rally, he added.
Sharma suggests that at its current market price (CMP) of ₹260, the stock presents an attractive buy opportunity. Investors can enter at ₹258–₹260, with short- to medium-term targets of ₹280, ₹290, and ₹300+.
The analyst also recommended a strict closing-basis stop loss at ₹245, with an expected holding time frame of 30 to 90 days.
The IT services company posted a 26% year-on-year growth in its Q4 net profit to ₹3,570 crore.
Earlier this week, Wipro announced a partnership extension with global food wholesaler Metro AG (ETR:CECG) for an additional two years. Wipro will continue to provide Metro with integrated digital services across cloud, data, application development, and AI-enabled IT support services.
On Stocktwits, retail sentiment was ‘neutral’ amid ‘high’ message volume.
The stock has shed 14% so far this year.
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