Stocks

Wipro hits near 19-year high; technicals suggest more upside

Reuters Mumbai | Updated on January 23, 2019 Published on January 23, 2019

Shares of software services provider Wipro Ltd gained as much as 1.95 per cent to Rs 353.25, their highest since February 23, 2000.

The stock broke above a resistance at Rs 348.22, the 61.8 per cent Fibonacci projection level of the uptrend from the June 6, 2018 low to the September 24, 2018 high (wave 1).

The breakout suggests that in a couple of days, the stock may rise to the next resistance at Rs 360.56, the 76.4 per cent projection level.

The stock's five-day average volume is 91.5 per cent higher than its 30-day average, suggesting volume is supporting price at higher levels.

The MACD is positive and above its signal line. The stock was up 7.58 per cent in the past one month as of Tuesday's close, while the broader NSE index was up 1.57 per cent.

Published on January 23, 2019
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