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Wipro In Retrospect: Shares Down 6.7% Since Upgraded One Week Ago (WIT)

Published on Wed, 01/23/2013 - 10:12
By Mallory Stone

One week ago Wipro (NYSE:WIT) was upgraded from Sell to Buy at UBS. The stock closed at $9.20, which is 6.7% lower than the price one week ago ($9.86).

Wipro (NYSE:WIT) is currently priced 15.0% above its average consensus analyst price target of $7.85. The stock should discover initial support at its 50-day moving average (MA) of $8.75 and subsequent support at its 200-day MA of $8.74.

Over the past year, Wipro has traded in a range of $7.56 to $11.49 and is now at $9.24, 22% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.4%.

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

By Mallory Stone
mstone@fnno.com