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Market Watch

Wipro Ltd.

Overview
News
Financials
Technicals
Peers
Shareholdings
MF
F&O
Corporate Actions
About

Wipro Ltd.

410.30-11.00 (-2.61%)

Closed
As On: 26 Feb, 2021, 03:59 PM IST
As On: 26 Feb, 2021, 04:00 PM IST

Sector: IT Software
Industry: IT Consulting & So...

OPEN TRADING A/C

Open417.95
High419.85
Low408.00
Prev Close421.30
Volume1,17,31,932
VWAP(₹)413.08

Insights

Rank 30 - ET 5002020 ranking

Currency gains
Given the abundant liquidity in the global markets, there is little scope of any strong gains in US dollar terms. So, the tailwind of currency might be missing for some time to come.
Q3 - Margin expansion
Improvement in margins, which started in Q2, continued in Q3. As and when travelling expenses start to come back on the expense sheet, these gains might be squeezed a bit. The implementation of the code on social security, 2020, would increase company's contribution to provident fund and gratuity adding to costs.
New administration in White House
Will the new US administration continue with the harsh policy on H1- B visas or relax it, as expected? That is another factor which would have an impact in the near term fortune. The Indian IT sector, though, has learnt to live with the restrictions.
New strategy
The company is planning to focus on acquiring certain skill sets in strategic areas and look for more deals with existing clients. The company might become more aggressive in its acquisitions given the fact that after the current buy-back is over, the free cash generation would allow for mergers and acquisition.

Found Insights useful?

Key Metrics

PE Ratio(x)22.14
EPS - TTM(₹)18.53
MCap(₹ Cr.)2,24,044
MCap Rank4
PB Ratio(x)4.16
Div Yield(%)0.49
Face Value(₹)2.00
52W High(₹)467.45
52W Low(₹)159.40
MCap/Sales1.84
Beta(1 Month)-0.13
BV/Share(₹)101.33

Returns

1 Day-2.61%
1 Month-6.16%
3 Months15.63%
1 Year71.03%
3 Years87.61%
5 Years106.25%

Wipro News & Analysis

View all News & Announcements

Wipro Recommendations

No Recent Recos Available

View Past Recommendations

Financials

Income (P&L)

	Dec 2020	Sep 2020	Jun 2020	Mar 2020	Dec 2019
Total Income	16,324.10	15,651.40	15,571.40	16,340.50	16,080.20
Total Income Growth (%)	4.30	0.51	-4.71	1.62	1.29
Total Expenses	12,343.80	12,316.80	12,349.30	13,210.70	12,819.80
Total Expenses Growth (%)	0.22	-0.26	-6.52	3.05	2.43
EBIT	3,980.30	3,334.60	3,222.10	3,129.80	3,260.40
EBIT Growth (%)	19.36	3.49	2.95	-4.01	-2.95
Profit after Tax (PAT)	2,968.00	2,465.70	2,390.40	2,326.10	2,455.90
PAT Growth (%)	20.37	3.15	2.76	-5.29	-3.79
EBIT Margin (%)	24.38	21.31	20.69	19.15	20.28
Net Profit Margin (%)	18.18	15.75	15.35	14.24	15.27
Basic EPS (₹)	5.21	4.35	4.21	4.09	4.31

	Dec 2020	Sep 2020	Jun 2020	Mar 2020	Dec 2019
Total Income	13,195.10	12,875.00	12,819.00	13,690.90	13,217.10
Total Income Growth (%)	2.49	0.44	-6.37	3.58	0.46
Total Expenses	9,731.10	9,919.40	9,920.10	10,809.40	10,249.50
Total Expenses Growth (%)	-1.90	-0.01	-8.23	5.46	0.38
EBIT	3,464.00	2,955.60	2,898.90	2,881.50	2,967.60
EBIT Growth (%)	17.20	1.96	0.60	-2.90	0.72
Profit after Tax (PAT)	2,611.30	2,244.00	2,192.60	2,158.30	2,261.30
PAT Growth (%)	16.37	2.34	1.59	-4.55	0.64
EBIT Margin (%)	26.25	22.96	22.61	21.05	22.45
Net Profit Margin (%)	19.79	17.43	17.10	15.76	17.11
Basic EPS (₹)	4.58	3.93	3.84	3.79	3.95

	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Revenue	63,862.60	61,632.70	57,035.80	58,071.00	53,996.20
Total Revenue Growth (%)	3.62	8.06	-1.78	7.55	9.30
Total Expenses	51,613.60	50,086.20	46,794.70	47,031.70	42,502.50
Total Expenses Growth (%)	3.05	7.03	-0.50	10.66	11.33
Profit after Tax (PAT)	9,722.30	9,003.70	8,002.80	8,493.10	8,907.90
PAT Growth (%)	7.98	12.51	-5.77	-4.66	2.85
Operating Profit Margin (%)	21.23	20.81	19.86	20.98	23.51
Net Profit Margin (%)	15.90	15.25	14.68	15.31	17.38
Basic EPS (₹)	16.67	14.99	16.85	34.98	36.26

	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Revenue	52,883.60	50,692.40	47,189.60	48,693.70	47,391.40
Total Revenue Growth (%)	4.32	7.42	-3.09	2.75	8.43
Total Expenses	41,875.90	40,821.90	37,155.30	38,006.60	36,797.20
Total Expenses Growth (%)	2.58	9.87	-2.24	3.29	11.00
Profit after Tax (PAT)	8,680.70	7,614.00	7,722.80	8,161.70	8,200.50
PAT Growth (%)	14.01	-1.41	-5.38	-0.47	0.09
Operating Profit Margin (%)	22.89	21.60	23.30	24.22	24.94
Net Profit Margin (%)	17.22	15.82	17.27	17.72	18.35
Basic EPS (₹)	14.88	12.67	16.26	33.61	33.38

All figures in Rs Cr, unless mentioned otherwise

Insights

Quarterly Topline Performance
Company witnessed QoQ revenue growth of 4.3%, which is highest in the last 3 years. (Source: Consolidated Financials)
Employee & Interest Expense
Company has spent 1.2% of its operating revenues towards interest expenses and 53.42% towards employee cost in the year ending Mar 31, 2020. (Source: Consolidated Financials)

Balance Sheet

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Assets	81,278.90	82,924.80	75,693.30	78,982.00	72,019.20
Total Assets Growth (%)	-1.98	9.55	-4.16	9.67	23.37
Total Liabilities	25,769.70	26,238.50	27,526.00	27,072.70	25,653.20
Total Liabilities Growth (%)	-1.79	-4.68	1.67	5.53	21.46
Total Equity	55,509.20	56,686.30	48,167.30	51,909.30	46,366.00
Total Equity Growth (%)	-2.08	17.69	-7.21	11.96	24.45
Current Ratio (x)	2.40	2.67	2.37	2.35	2.30
Total Debt to Equity (x)	0.11	0.17	0.26	0.26	0.26
Contingent Liabilities	17,275.00	22,587.50	16,891.70	9,278.80	9,454.80

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Total Assets	65,306.40	66,998.10	58,671.30	63,156.90	58,924.90
Total Assets Growth (%)	-2.52	14.19	-7.10	7.18	10.33
Total Liabilities	18,852.70	17,606.10	16,408.70	16,451.30	17,699.20
Total Liabilities Growth (%)	7.08	7.30	-0.26	-7.05	-5.79
Total Equity	46,453.70	49,392.00	42,262.60	46,705.60	41,225.70
Total Equity Growth (%)	-5.95	16.87	-9.51	13.29	19.08
Current Ratio (x)	2.78	2.96	2.86	3.52	2.98
Total Debt to Equity (x)	0.11	0.10	0.11	0.13	0.16
Contingent Liabilities	2,693.50	2,618.90	10,123.10	9,347.90	4,385.10

All figures in Rs Cr, unless mentioned otherwise

Cash Flows

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Net Cash flow from Operating Activities	10,064.30	11,631.60	8,423.30	9,277.30	7,887.30
Net Cash used in Investing Activities	3,401.20	5,012.60	3,557.80	-11,628.30	-13,815.60
Net Cash flow from Financing Activities	-15,099.80	-4,936.90	-12,997.80	-2,275.20	-158.70
Net Cash Flow	-1,442.10	11,759.90	-979.20	-4,767.40	-6,032.10
Closing Cash & Cash Equivalent	14,410.40	15,852.50	4,092.60	5,071.80	9,839.20
Closing Cash & Cash Equivalent Growth (%)	-9.10	287.35	-19.31	-48.45	-38.09
Total Debt/ CFO (x)	0.58	0.83	1.48	1.47	1.52

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Net Cash flow from Operating Activities	9,068.10	10,210.10	6,470.90	7,370.70	6,686.70
Net Cash used in Investing Activities	3,202.70	-370.60	5,002.30	-7,890.80	-9,805.00
Net Cash flow from Financing Activities	-12,233.00	-1,395.10	-12,918.40	-4,367.60	-3,489.70
Net Cash Flow	54.10	8,467.70	-1,440.00	-4,980.90	-6,576.70
Closing Cash & Cash Equivalent	10,444.00	10,389.90	1,922.20	3,362.20	8,343.10
Closing Cash & Cash Equivalent Growth (%)	0.52	440.52	-42.83	-59.70	-44.17
Total Debt/ CFO (x)	0.55	0.50	0.73	0.84	1.00

All figures in Rs Cr, unless mentioned otherwise

Ratios

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Return on Equity (%)	17.57	15.95	16.69	16.43	19.30
Return on Capital Employed (%)	21.76	19.97	19.91	20.76	24.02
Return on Assets (%)	11.96	10.85	10.57	10.75	12.36
Interest Coverage Ratio (x)	17.72	16.66	18.57	19.58	21.59
Asset Turnover Ratio (x)	75.21	71.17	71.98	70.20	71.15
Price to Earnings (x)	11.56	17.09	15.92	14.75	15.63
Price to Book (x)	2.03	2.72	2.66	2.42	3.02
EV/EBITDA (x)	6.90	10.38	10.48	9.60	10.44
EBITDA Margin (%)	24.64	24.11	23.74	25.14	26.43

Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Return on Equity (%)	18.68	15.41	18.27	17.47	19.89
Return on Capital Employed (%)	23.62	20.44	23.87	22.61	25.49
Return on Assets (%)	13.29	11.36	13.16	12.92	13.91
Interest Coverage Ratio (x)	21.57	19.80	27.11	23.84	20.27
Asset Turnover Ratio (x)	77.18	71.82	76.20	72.91	75.82
Price to Earnings (x)	12.95	20.20	16.50	15.36	16.98
Price to Book (x)	2.42	3.11	3.01	2.68	3.38
EV/EBITDA (x)	8.43	13.10	11.35	10.48	11.44
EBITDA Margin (%)	25.16	23.54	25.57	26.50	26.90

Found Financials useful?

Technicals

Buy/Sell Signals
MACD Crossover
Bearish signal on weekly chart
Appeared on: 26 Feb 2021
Region: Positive
Last Signal 28 Feb 2020 (Loss -28.02%)
Average price decline of -5.97% within 7 weeks of Bearish signal in last 10 years
Stochastic Crossover
Bearish signal on weekly chart
Appeared on: 26 Feb 2021
Region: Equlibrium
Last Signal 15 Jan 2021 (Loss -6.92%)
Average price decline of -4.98% within 7 weeks of Bearish signal in last 10 years
50 Day EMA Crossover
Bearish signal on daily chart
Appeared on: 26 Feb 2021
50D EMA: 414.57
Last Signal 24 Feb 2020 (Loss -34.73%)
Average price decline of -3.81% within 30 days of Bearish signal in last 5 years
Heikin-Ashi Changeover
Bearish indication on daily chart
Prev. Close Price
414.03
LTP
410.30
Formed on: 26 Feb 2021
On daily price chart, Heikin-Ashi candle changed from Green to Red
Price Analysis
47%
Positive Movement
since 1st Jan 2005
on basis
52%
Negative Movement
since 1st Jan 2005
on basis
Exclude
Global Meltdown1st Jan 2008 to 10th Nov 2008
Covid Crisis1st Feb 2020 to 31st Mar 2020
Pivot Levels
R1 417.43 Pivot
412.72
S1 405.58
R2 424.57 S2 400.87
R3 436.42 S3 389.02
Average True Range
5 Days 14 Days 28 Days
11.46 12.31 12.26

5 Days	14 Days	28 Days
11.46	12.31	12.26

Found Technicals useful?

Peers

Ratio Performance

NAME	P/E (x)	P/B (x)	ROE %	ROCE %	ROA %	Rev CAGR [3Yr]	OPM	NPM	Basic EPS	Current Ratio	Total Debt/ Equity (x)	Total Debt/ CFO (x)
Wipro	22.14	4.05	17.57	21.76	11.96	3.19	21.23	15.97	16.67	2.40	0.11	0.58
TCS	34.77	12.82	38.44	46.00	26.74	9.65	27.50	20.67	86.19	3.33	0.00	0.00
Infosys	28.71	8.11	25.35	30.83	17.88	9.26	24.42	18.32	38.97	2.62	0.00	0.00
HCL Tech	18.68	4.80	21.56	24.47	13.33	13.43	20.49	15.64	40.75	1.62	0.09	0.35
Tech Mahindra	21.42	3.79	18.48	19.88	10.79	8.27	14.25	10.58	46.21	2.12	0.11	0.56
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Annual Ratios (%)

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Stock Performance

CHART
TABLE

Choose from Peers
Choose from Stocks

NAME	1D	1W	1M	3M	1Y	3Y	5Y
Wipro	-2.61	-4.57	-6.16	15.63	71.03	87.61	106.24
TCS	-3.37	-5.78	-12.06	6.38	36.29	90.94	161.87
Infosys	-1.67	-2.94	-5.42	12.59	60.11	120.15	123.57
HCL Tech	-2.13	-4.28	-4.02	8.00	55.83	92.26	120.56
Tech Mahindra	-4.07	-7.56	-5.47	7.21	13.24	50.03	119.95
Add More

Insights

Stock Returns vs Nifty 100
Stock gave a 3 year return of 87.51% as compared to Nifty 100 which gave a return of 38.85%. (as of last trading session)
Stock Returns vs Nifty IT
Stock generated 87.51% return as compared to Nifty IT which gave investors 95.64% return over 3 year time period. (as of last trading session)

Found Peer Comparison useful?

Shareholding Patterns

Total Shareholdings
Category No. of Shares Percentage % Change QoQ
Promoters 4,22,99,45,033 74.01 % -0.01
Pledge 0 0.00 % 0.00
FII 48,38,41,190 8.46 % 0.07
DII 34,71,83,845 6.08 % -0.41
MF 12,58,20,979 2.20 % -0.33
Others 65,43,68,021 11.45 % 0.35
QoQ Change
Category 31 Dec 2020 30 Sep 2020 30 Jun 2020 31 Mar 2020
Promoters 74.01 74.02 74.02 74.04
Pledge 0.00 0.00 0.00 0.00
FII 8.46 8.39 7.84 8.45
DII 6.08 6.49 7.60 7.03
Mutual Funds 2.20 2.53 2.05 1.42
Others 11.45 11.10 10.54 10.48

Category	No. of Shares	Percentage	% Change QoQ
Promoters	4,22,99,45,033	74.01 %	-0.01
Pledge	0	0.00 %	0.00
FII	48,38,41,190	8.46 %	0.07
DII	34,71,83,845	6.08 %	-0.41
MF	12,58,20,979	2.20 %	-0.33
Others	65,43,68,021	11.45 %	0.35

Category	31 Dec 2020	30 Sep 2020	30 Jun 2020	31 Mar 2020
Promoters	74.01	74.02	74.02	74.04
Pledge	0.00	0.00	0.00	0.00
FII	8.46	8.39	7.84	8.45
DII	6.08	6.49	7.60	7.03
Mutual Funds	2.20	2.53	2.05	1.42
Others	11.45	11.10	10.54	10.48

Mutual Funds Ownership

MF Ownership as on 31 January 2021

SBI ETF Nifty 50-D
Equity: Large Cap
- 934.04
  Amount Invested (in Cr.)
- 1.06%
  % of AUM
- 1.40
  % Change (MoM basis)
ICICI Pru Value Discovery Direct-G
Equity: Value Oriented
3
- 794.50
  Amount Invested (in Cr.)
- 4.66%
  % of AUM
- 0.00
  % Change (MoM basis)
Axis Bluechip Direct-G
Equity: Large Cap
5
- 384.47
  Amount Invested (in Cr.)
- 1.76%
  % of AUM
- 9.52
  % Change (MoM basis)

More Schemes

Futures & Options

Options
- Type
- Expiry Month
- Strike Price
Date Price
27-09-2020Current
0.00-153.40 (-100.00%)
0.00
Open
0.00
High
0.00
Low
153.40
Close
0
Contracts Traded
0.00
Turnover (₹ Lakhs)
Futures
- Expiry Month
Date Price
27-09-2020Current
411.70-10.30 (-2.44%)
417.20
Open
420.50
High
410.20
Low
422.00
Prev Close
4,553
Contracts Traded
60,397.88
Turnover (₹ Lakhs)

Date	Price
27-09-2020Current	0.00-153.40 (-100.00%)
0.00 Open	0.00 High	0.00 Low
153.40 Close	0 Contracts Traded	0.00 Turnover (₹ Lakhs)

Date	Price
27-09-2020Current	411.70-10.30 (-2.44%)
417.20 Open	420.50 High	410.20 Low
422.00 Prev Close	4,553 Contracts Traded	60,397.88 Turnover (₹ Lakhs)

Corporate Actions

Recent
Interim Dividend
50%
Jan 13, 2021
Board Meeting
Quarterly Results & Interim Dividend
Dec 28, 2020
General Meeting
Buy Back of Shares
Nov 18, 2020

Board Meetings

Announced on	Meeting on
Dec 28, 2020	Jan 13, 2021
Quarterly Results & Interim Dividend
Oct 07, 2020	Oct 13, 2020
Buy Back of Shares
Oct 01, 2020	Oct 12, 2020
Quarterly Results
Jul 02, 2020	Jul 14, 2020
Quarterly Results
Apr 07, 2020	Apr 15, 2020
Audited Results & Final Dividend

Dividends
Announced on Ex-Date Dividend%
Jan 13, 2021 Jan 22, 2021 50%
Jan 14, 2020 Jan 24, 2020 50%
Jan 18, 2019 Jan 29, 2019 50%
Jan 11, 2018 Jan 31, 2018 50%
Jan 10, 2017 Feb 02, 2017 100%

Announced on	Ex-Date	Dividend%
Jan 13, 2021	Jan 22, 2021	50%
Jan 14, 2020	Jan 24, 2020	50%
Jan 18, 2019	Jan 29, 2019	50%
Jan 11, 2018	Jan 31, 2018	50%
Jan 10, 2017	Feb 02, 2017	100%

Bonus

Announced on	Ex-Date
Jan 18, 2019	Mar 06, 2019
Bonus Ratio: 1 share(s) for every 3 shares held
Apr 25, 2017	Jun 13, 2017
Bonus Ratio: 1 share(s) for every 1 shares held
Apr 23, 2010	Jun 15, 2010
Bonus Ratio: 2 share(s) for every 3 shares held
Apr 22, 2005	Aug 22, 2005
Bonus Ratio: 1 share(s) for every 1 shares held
Apr 16, 2004	Jun 25, 2004
Bonus Ratio: 2 share(s) for every 1 shares held

Splits
Announced on Ex-Date
Apr 30, 1999 Sep 27, 1999
Split: Old FV10.0| New FV:2.0
Oct 30, 1990 -
Split: Old FV100.0| New FV:10.0
Rights
No Data Available

Announced on	Ex-Date
Apr 30, 1999	Sep 27, 1999
Split: Old FV10.0\| New FV:2.0
Oct 30, 1990	-
Split: Old FV100.0\| New FV:10.0

AGM/EGM Meetings

Announced on	Meeting on
Nov 18, 2020	Dec 11, 2020
Buy Back of Shares
Oct 19, 2020	Nov 18, 2020
-
Jun 16, 2020	Jul 13, 2020
Book closure from Jul 10, 2020 to Jul 13, 2020
Jun 20, 2019	Jul 16, 2019
-
Jun 03, 2019	-
Buy Back of Shares

About

Wipro Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 224,755.70 Crore) operating in IT Software sector.

Wipro Ltd. key Products/Revenue Segments include Software Services, Networking, Storage equipment, Servers, Software Licenses and Other Operating Revenue for the year ending 31-Mar-2020.

For the quarter ended 31-12-2020, the company has reported a Consolidated Total Income of Rs 16,324.10 Crore, up 4.30 % from last quarter Total Income of Rs 15,651.40 Crore and up 1.52 % from last year same quarter Total Income of Rs 16,080.20 Crore. Company has reported net profit after tax of Rs 2,987.70 Crore in latest quarter.

The company’s top management includes Mr.Rishad Premji, Mr.Thierry Delaporte, Mr.Deepak M Satwalekar, Mr.William Arthur Owens, Mr.M K Sharma, Mr.Ireena Vittal, Dr.Patrick J Ennis, Mr.Patrick Dupuis. Company has Deloitte Haskins & Sells LLP as its auditors. As on 19-01-2021, the company has a total of 547.78 Crore shares outstanding.

About Wipro

Wipro Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 224,755.70 Crore) operating in IT Software sector. Show More

Industry

IT Consulting & Software - Large Cap

Key Indices Listed On

Nifty 50, Nifty IT, Nifty 100, Nifty 200, Nifty 500

Address

Doddakannelli,Sarjapur Road,Bengaluru, Karnataka - 560035

Contact

corp-secretarial@wipro.com

http://www.wipro.com

Executive Leadership

Anand Padmanabhan

President

Anil Raibagi Madhav

Senior Vice President & Head

Aparna Iyer

Vice President

Ashok Nagar

General Manager

Auditors

Deloitte Haskins & Sells LLP

Wipro Share Price Update

Wipro Ltd. share price moved down by -2.61% from its previous close of Rs 421.30. Wipro Ltd. stock last traded price is 410.30

Share Price	Value
Today/Current/Last	410.30410.20
Previous Day	421.30421.40

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Technicals

Buy/Sell Signals
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Price Analysis
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Average True Range
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Pivot Levels
Pivot points are indicative support and resistance levels which are calculated on basis of previous day’s high, low and closing prices. Pivot level for Monday’s trade would be based on Friday’s prices and Monday’s, high, low and close price would go into calculation of pivot levels for Tuesday’s trading session.
There are two underlying assumptions in pivot points. First, the specific price level indicated by R1, R2 and R3 may act as a barrier or resistance in an uptrend. So, if a stock moves up above these pivots levels, the uptrend gets confirmed. Second these specific price levels may see an increased activity, hence may be used as levels to book profit by traders with a long positions. For traders with short position, these points are often helpful in determining what should be the stop loss for a trade.
Similarly, in case of support levels as indicated by S1, S2 and S3, they may act as price level where a stock might get a breather when it is slipping southward. In case these supports levels are broken it is a confirmation of a down trend. The stock may also see increased activity close to pivot levels. They may be used by trader may use them to put stop loss for a long trade. If a trader has short position, the pivot level may help in determine a level, where profit may be booked.
Like any other technical indicator, pivots levels cannot and should not be used as single factor while taking a trading decision. They should be combined with other technical indicators. It could be short term moving averages, stochastic, moving average convergence divergence (MACD) or overbought level as indicated by relative strength index (RSI). For example, if a breakdown of support level (S1, S2 or S3) is accompanied with stock price also moving below its short term moving average or stochastic on daily charts giving a sell signal, it would add to weightage to the decision of taking a short trade.

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R1	417.43	Pivot 412.72	S1	405.58
R2	424.57		S2	400.87
R3	436.42		S3	389.02