Wipro shares slipped 3% today; is upside capped for this IT stock?

shares on Wednesday settled 2.64 per cent lower at Rs 537.10.

At this price, the stock has climbed 12.53 per cent on a year-to-date (YTD) basis. Despite the mentioned rise, it has fallen 7.



40 per cent from its 52-week high value of Rs 580, a level seen on July 19, 2024. JM Financial has given a 'Buy' call on Wipro shares with a target price of Rs 620. Separately, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, suggested accumulating the stock on dips.

"Wipro shares have been bottomed out. The stock was an underperformer in the recent past but given the kind of valuations, it looks attractive at current levels. One needs to wait for the Fed rate cut announcement and the crucial upcoming quarterly results to make a longer-term proposition.

Those holding can continue to hold on to the stock. For fresh buying, investors should consider accumulating it on dips with a long-term view," the market expert stated. That said, the entire IT pack is keenly watched ahead of a likely rate cut announcement from the US Federal Reserve.

US central bank's interest rate outcome will be released later today. On technical setup, the support level on Wipro's stock could be seen in the Rs 530-512 range. And, a decisive move above Rs 555-560 levels is required for more upside.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Wipro has seen decent buying traction in the last couple of trading weeks. The stock is hovering within the bearish gap and a sustained move beyond Rs 555-560 levels could trigger a fresh momentum in the comparable period. On the flipside, a series of support could be seen in the Rs 520-512 zone, which is likely to cushion any further blips in the comparable period.

" Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi said, "Support will be at Rs 530 and resistance at Rs 557. A decisive close above Rs 557 level may trigger a further upside towards Rs 570. The expected trading range will be between Rs 520 and Rs 570 for the short term.

" Sebi-registered research analyst AR Ramachandran said, "Wipro stock price is bearish on daily charts with strong resistance at Rs 557. A daily close below support of Rs 530 could lead to a downward target of Rs 496 in the near term." As of June 2024, promoters held a 72.

82 per cent stake in the IT firm..