Wipro’s stock has dropped 40% from its 52-week high

Wipro shares have been consolidating after reaching a 52-week high in January 2022. This IT behemoth has lost roughly 37.50 percent so far this year. Wipro’s stock is currently trading at 447.50 per share on the NSE, down over 40% from its 52-week high of 739.85. As a result, the stock may catch the attention of positional investors looking for high-quality equities at a low price.

Wipro’s stock price is on the verge of collapsing, according to stock market experts, and there could be further decline in the stock following the collapsing. According to them, the stock is trading in the 440 to 470 zone and could fall to 400 to 380 after the breakdown.

Speaking on Wipro share price outlook, Tirthankar Das, Head of Technical Research at Ashika Group said, “Wipro share price continues to remain in downtrend forming lower low and is on the verge of breakdown below previous low, signaling further downsides in coming sessions at the breach of 440 levels. However, Wipro is near a falling trendline support in prices and a positive divergence in RSI in the daily time frame are indicating of a bullish reversal in prices. RSI presently trading above 30 mark and inside the Bollinger Band indicating of a possible turnaround in prices. To add further the level of 440-450 coincides with 50% retracement of the entire rally since Mar’20.”

Tirthankar Das of Ashika Group made the following recommendation to those interested in purchasing Wipro shares: “A prolonged finish over 475 could hasten the reversal below 510 to 525. Investors should exercise patience as the trend is firmly in favour of the bears, with a lower level of 380 to 400 expected in the short future.”