wipro: Stock Radar: Wipro eyeing a breakout above February 52-week high; time to buy?

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Traders can wait for a breakout above the 52-week high of 546 before building long positions. A close above 550 will open room for the stock to edge higher.

Synopsis

Wipro hit an all-time high of Rs 739 on October 14, 2021, but the rally lost steam immediately after. Nearly three years later, it rallied to a 52-week high of Rs 546 on February 19, 2024. Since then, the stock has been facing a price correction. However, it has bounced back after retesting the 200-week Exponential Moving Average on the weekly charts.

Wipro Ltd witnessed a V-shaped recovery on weekly charts after bottoming out in June 2024 and is on the verge of a breakout above the February 2024 52-week high.Short-term traders can look to buy the stock post a breakout above 550 for a target of Rs 700-800 levels for the next 4-6 months, suggested experts.Traders can wait for a breakout above the 52-week high of 546 before building long positions. A close above 550 will open room for the stock

BY

ETMarkets.com

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