Stock Radar: Wipro ends 4-month consolidation, hits fresh 52-week high; what should investors do?

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Short-term traders can look to buy the stock for a target of Rs 630-640 in the next 1-2 months, suggested experts.

Synopsis

The IT stock reached a peak of ₹580 in July 2024 but lost momentum, gradually declining toward its 21-week moving average on the weekly charts. This average has served as a key support level for the stock since August 2024. The renewed momentum pushed the stock to a high of ₹596 on November 27, 2024. By surpassing its July 2024 swing high in November, Wipro's stock has created an opportunity to advance further, potentially retesting the ₹600 level and beyond.

Wipro Ltd witnessed a breakout after consolidating for almost 4 months to hit a fresh 52-week high in November, which has opened room for the stock to head higher.Short-term traders can look to buy the stock for a target of Rs 630-640 in the next 1-2 months, suggested experts.The IT stock hit a high of Rs 580 in July 2024 but failed to hold the momentum and witnessed a steady decline, which took it towards the 21-week moving average on the

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ETMarkets.com

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