As this happened, Investec downgraded its Wipro Ltd. ADR [WIT] rating to a Sell from a a Hold in a research note published recently. A number of analysts have revised their coverage, including Nomura’s analysts, who began to cover the stock in early July with a ‘”a Buy”‘ rating. Exane BNP Paribas began covering WIT with “an Underperform” recommendation on January 17, 2024. Goldman started covering the stock on August 22, 2023. It rated WIT as “a Sell”.
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Price Performance Review of WIT
On Tuesday, Wipro Ltd. ADR [NYSE:WIT] saw its stock fall -0.30% to $6.59. Over the last five days, the stock has gained 3.29%. Wipro Ltd. ADR shares have risen nearly 18.31% since the year began. Nevertheless, the stocks have risen 42.95% over the past one year. While a 52-week high of $7.01 was reached on 07/18/24, a 52-week low of $4.48 was recorded on 05/31/24. SMA at 50 days reached $6.35, while 200 days put it at $5.94.
Levels Of Support And Resistance For WIT Stock
The 24-hour chart illustrates a support level at 6.55, which if violated will result in even more drops to 6.51. On the upside, there is a resistance level at 6.61. A further resistance level may holdings at 6.63. The Relative Strength Index (RSI) on the 14-day chart is 55.56, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.18, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 22.58%. Stochastics %K at 83.87% indicates the stock is a selling.
How much short interest is there in Wipro Ltd. ADR?
A steep rise in short interest was recorded in Wipro Ltd. ADR stocks on 2024-09-30, dropping by -3.12 million shares to a total of 30.86 million shares. Yahoo Finance data shows the prior-month short interest on 2024-08-30 was 33.98 million shares. There was a decline of -10.11%, which implies that there is a negative sentiment for the stock.
The most recent change occurred on May 23, 2023 when JP Morgan began covering the stock and recommended ‘”an Underweight”‘ rating along with a $4.30 price target.
