Today the share price of Wipro got increased to the tune of 7.34 percent, logging Rs 24.60 intraday gains. According to the experts, the main reason is Wipro started following in the footsteps of TCS.
Today the share price of Wipro got increased to the tune of 7.34 percent, logging Rs 24.60 intraday gains. According to the experts, Wipro is mulling a buyback too and may follow the footsteps of TCS. This is possibly the major reason for the rise in Wipro stock. They said that Wipro is currently in the range of Rs 340 to Rs 370 and there can be some correction witnessed due to profit-booking in the coming trade session.
Sumeet Bagadia, Executive Director at Choice Broking said, "Wipro shares skyrocketed after the newsbreak of Wipro board mulling a buyback as its rival TCS announced one yesterday. There was already a positive bias in the IT stocks and this newsbreak helped Wipro stock to outperform other IT stocks."
He added "Wipro share price is trading in the range of Rs 340 to Rs 370 and profit-booking around 365 to Rs 370 levels is strongly expected. My suggestion is to wait for this profit-booking trigger and buy Wipro at around Rs 340-345 levels, maintaining the stop-loss at Rs 320. Once it breaks the upper Rs 370 hurdle it can soon shoot up to Rs 400-mark."
Chandan Taparia, Derivative, and Technical Analyst at Motilal Oswal said, "News of Wipro share buyback was the major reason for such a huge rise. In the coming one week, Wipro shares may go up to Rs 390 to Rs 400 levels as the stock is looking strong from both fundamental and technical perspective."