Wipro hits 52-week low; drops 11% in five days

Shares of the IT major slipped 3.73% to Rs 423.80, extending its losing run to fifth consecutive trading session.

Shares of Wipro slumped 10.8% in five trading sessions from its previous closing high of Rs 475.10 on 9 June 2022. The stock hit its 52-week low of Rs 422.55 today. The counter has corrected 42.71% from its 52-week high of Rs 739.80 hit on 14 October 2021.

On the BSE, 3.64 lakh shares were traded in the counter so far compared with average daily volumes of 5.78 lakh shares in the past two weeks.

In last one month, the stock has fallen 9.48%, underperforming the Nifty 50 index which shed 2.54% in the same period.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average (SMA) placed at 496.11, 537.56 and 600.27 respectively. These levels will act as crucial resistance zones in near term.

On the technical front, the stock's daily RSI (relative strength index) stood at 28.043. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Wipro first established itself in Norway and the Nordics in 2006. Since then, Wipro has supported some of the region's largest companies by transforming their business through technology.

Wipro is a leading global information technology, consulting and business process services company. The IT major reported 4% rise in consolidated net profit to Rs 3,087.3 crore on a 3% increase in revenue to Rs 20,860 crore in Q4 FY22 over Q3 FY22.

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