May 4, 2018 / 5:29 AM / 21 days ago

BUZZ-India's Wipro hits 10-month low; chart signals further downside

** Wipro Ltd shares fall as much as 2.73 pct to 264.05 rupees, their lowest since July 14, 2017

** Stock's 50-day exponential moving average (EMA) cuts below its 200-day EMA, seen bearish in the near-to-medium term reut.rs/2JPvynw

** Stock also break’s below a support at 269 rupees, the 50 pct Fibonacci retracement level of the uptrend from Nov 9, 2016 low to Jan 16, 2018 high

** A negative MACD which is below its signal line, is also unfavorable for the stock

** The nearest Fibonacci retracement support levels for the stock are placed at 253.7 rupees and 234.7 rupees while resistance is at 269 rupees and 284.4 rupees

** In the last one month, analysts have cut Wipro’s FY 2019 net profit estimates by 8.41 pct, compared with a cut of 2.7 pct for Indian IT stocks, TR Eikon data shows

** Wipro shares are down 13.6 pct this year as of Thursday’s close while the Nifty IT Index gained 15.5 pct

Reporting by Gaurav Dogra

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