Wipro clears a 12-week, 15% deep flat base making a new all-time high

Posted Date: April 23 2021
Wipro Ltd stock has cleared a 12-week, 15% deep Flat Base this week. Currently, the stock is trading at its ideal buy price of INR 486.50. The stock is offering investors an opportunity to get on board at the current price.
 
The key trend lines, 10 and 40-week moving averages are at a comfortable position. The current trends of both the averages are upward and the 10-week moving average is trending above the 40-week moving average. The current price of the stock is trading around 12.54% away from the 10-week moving average.
 
In the last twelve months, Wipro Ltd has rallied nearly 150.9% as compared to 57.5% for the Nifty500. It has a Relative Strength Rating of 78. We definitely would like to see improvement in the rating. At this point, we are taking a step back and focusing on the RS Line.
 
The Relative Strength Line of the stock is offering a lot of encouragement to investors. It has been making good progress in the last four weeks. The overall long-term trend of the line is also trending upward. If Wipro Ltd can maintain this outperformance, it could make sense as a CANSLIM trade.
 
Another key part of the jigsaw is institutional sponsorship. Wipro Ltd has an Accumulation/Distribution Rating of 'A-'. This represents heavy institutional buying over the past 13 weeks. The number of institutional sponsors and shares held by the sponsors, both increased in the last reported quarter.
 
On the earnings front, Wipro Ltd has a great EPS Rank of 88. The earnings and sales for the stock have grown by 13% and 5%, respectively over the past three years. Its 3-years earnings stability is 4, on a 0 to 99 scale (lower the better). Over the past five years, the earnings and sales for the stock have grown by 6% and 4%, respectively. The 5-years earnings stability is 7. The return on equity for the last reported year is 22%.
 
The stock belongs to the industry group of Computer-Tech Services. You would still want to see some improvement in the industry group rank group. The current industry group rank is 78. The current price of Wipro Ltd is at its 52-week high price and 180% above it 52-week low price.
 
The stock appears on our idealists: Trend Template - 5 Months, Long Term Leaders.

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