Bears are Losing Control Over Wipro Limited (WIT), Here's Why It's a 'Buy' Now

Core Viewpoint - Wipro Limited (WIT) has shown a downtrend recently, losing 5.2% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal due to increased buying interest [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom formation, suggesting that selling pressure may be exhausting and that bulls are gaining control [2][4]. - The hammer pattern is characterized by a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near or above the opening price, signaling potential support [3][4]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [4]. Fundamental Analysis - Recent upward revisions in earnings estimates for WIT serve as a bullish indicator, correlating strongly with near-term stock price movements [6]. - The consensus EPS estimate for the current year has increased by 3.7% over the last 30 days, indicating analysts' optimism about WIT's earnings potential [7]. - WIT holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [8].