WIT Price Prediction Next Week
Based on the provided data and technical analysis, here's a comprehensive prediction for WIT's stock price next week:
Technical Analysis:
- RSI at 42.98 indicates neutral momentum, neither overbought nor oversold
- MACD at -0.32 suggests bearish momentum in the short term
- Current price of $3.75 is trading above the 20-day SMA of $3.53, indicating short-term bullish trend
- Fibonacci levels show key resistance at $3.73 and support at $3.34
News Impact Analysis:
- Positive Q3 earnings results with 24.5% profit jump and margins hitting 12-quarter high
- Strong institutional confidence with 8 brokerages raising ratings and 16 raising price targets
- Revival in demand signals, particularly in BFSI segment which accounts for one-third of revenue
- Company increased dividend payout ratio from 45-50% to 70%
Price Prediction for Next Week: Based on technical indicators and recent positive fundamentals:
- Resistance levels: $3.85 (Fibonacci R2)
- Support levels: $3.34 (Fibonacci S1)
- Target price range: $3.72-$3.85
Trading Recommendation: BUY with entry point at current price ($3.75) Rationale:
- Strong fundamental backdrop with improving margins
- Positive analyst sentiment with multiple upgrades
- Technical indicators showing potential for upward movement
- Set stop-loss at $3.34 (Fibonacci S1)
- Take profit at $3.85 (Fibonacci R2)
WIT Similar Chart Price Prediction
The price of WIT is predicted to go up -18.21%, based on the high correlation periods with SAVA. The similarity of these two price pattern on the periods is 99.21%.
WIT
SAVA
Down: -18.21%Similarity: 99.21%
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WIT VS S&P500
Wipro could benefit from greater margin expansion than expected in our base case as more automated tech solutions decrease the variable costs associated with each incremental sale.
Wipro should profit from a wave of demand for more flexible IT infrastructures following the COVID-19 pandemic, as more companies seek to be prepared for similar events.
As European firms become more comfortable with outsourcing their IT workloads offshore, Wipro should expand its market share in the growing geography.