Wipro | Breakdown of Head and Shoulder Pattern | Latest stock market news
(3 minutes read)

Stock name: Wipro

Pattern: Breakdown of Head and Shoulder Pattern

Time frame: Daily

Observation:
The stock has been in a downtrend with the whole IT sector since September 2021.

The stock was trying to consolidate in the range of 390 to 440 but it saw a break-down of the said range today on very high volumes, as it declared its results.

The stock was trying to consolidate in the range of 390 to 440 but it saw a break-down of the said range today on very high volumes, as it declared its results.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1. Q2 result update: Wipro
Consolidated revenue up by 14.59% YoY (Constant currency revenue increased by 12.9 % YoY)

Profit before tax down by 9% on a YoY basis, as the operating profit margin is at 17%, lowest in last many quarters2. Industrial production in India declined 0.8% YoY in August, reversing a 2.2% rise in July, official data showed. Further, this was the first decrease since February 2021.

3. The annual inflation rate in India increased to a five-month high of 7.41% in September from 7% in August, above market forecasts of 7.3%. Prices increased faster for food (8.6% vs 7.62% in August), with vegetables (18.05%), spices (16.88%), cereals and products (11.53%) recording the biggest rises as erratic rainfall impacted the local crops and supply shock from the Russian invasion of Ukraine remained.

4. Bajaj Auto, Citizen Info, Federal Bank, Just Dial, Oberoi Realty, Shree Cements, Sumeru Industries, Tata Elxsi are some of the companies which will post their results tomorrow.