Daily Stock Market News

3 bluechip stocks to watch next week with up to 39% discount from 52-week high


Stock markets have been turbulent in recent months, and this is projected to continue owing to geopolitical concerns, increasing inflation, and rising bond rates. The BSE Sensex is currently trading at 54,303.44, down roughly 5% from its 52-week low, while the Nifty is down 4.85% from its 52-week low. As a result, after most stocks hit all-time lows, the upcoming correction phase may urge you to purchase on the dip. So, here are three bluechip stocks to watch next week that are priced at a more than 30% discount to their 52-week high.

Tech Mahindra

Tech Mahindra, one of the IT behemoths, has a market capitalization of 107,936.06 crore. The stock’s last traded price on the NSE was 1,110.25, a 2.51% decline from its previous close. The stock has dropped 1.08 per cent in the previous five trading days and 7.66 per cent in the last month. The last traded price of Tech Mahindra’s shares is now lower than the 5 days, 20-day, 50-day, 100-day, and 200-day moving averages. The stock has gained by 3.84 per cent in the last year, while it has fallen by 37.80 per cent year to date (YTD) so far in 2022. The stock reached a 52-week high of 1,838.00 on December 30, 2021, and a 52-week low of 1,030.10 on July 7, 2021, indicating that it is now trading 7.75 per cent above its 52-week low and 39.6 per cent below its 52-week-high. Buyers should be aware that the promoter holdings of 35.26 per cent are low in comparison to the previous five years, but Tech Mahindra has announced an equity dividend of 900.00 per cent equating to 45 per share for the fiscal year ending March 2022. This amounts to a dividend yield of 4.05 per cent at the current share price of 1110.25.

Tata Steel

Tata Steel Ltd is a large cap company with a market capitalization of 125,039.33 Crore that operates in the metal industry. The stock’s last traded price was 1,023, a 2.09 per cent fall from its previous closing of 1044.85. The stock has dropped 2.80 per cent in the previous five days and 6.75 per cent in the last month. The stock has fallen 12.21 per cent in the last six months and 12.17 per cent in the last year. Tata Steel’s share price has dropped 10.46 per cent year to date (YTD) in 2022. The stock reached a 52-week high of 1,534.50 on August 16, 2021 and a 52-week low of 991.80 on May 25, 2022, indicating that Tata Steel is now up 3.14 percent from its 52-week low and down 33.33 percent from its 52-week high. Recently, Finance Minister Nirmala Sitharaman implemented customs duties on steel, which might be one of the reasons for the stock’s downfall. Tata Steel has declared a huge dividend of 51 per share for the fiscal year ended March 31, 2022, however, the stock is also trading at 1.08 times its book value.

Wipro

Wipro is a well-known large-cap global corporation in the IT sector, with a market capitalization of 252,707 Cr. The stock’s last traded price was 461.20, a 2.92 per cent decrease from its previous close of 475.05. The stock has dropped 0.88 per cent in the previous five trading sessions and 1.59 per cent in the last month. The stock has dropped 28.54 per cent in the previous six months and 17.88 per cent in the last year. So far in 2022, the stock has dropped 35.83 per cent year to date (YTD). Wipro is trading lower than its 5-day, 20-day, 50 days, 100 day, and 200-day moving averages, and its RSI indicator value as of 10/06/2022 is 39.80, indicating that it is neither overbought nor oversold. On the NSE, the stock reached a 52-week high of 739.85 on October 14, 2021 and a low of 443.20 on May 25, 2022, indicating that the stock is trading above 4.06 per cent of its 52-week low and 37.66 per cent below its 52-week high. The promoter stake of 73 per cent has been declining over the previous 9 to 10 years, and the ROCE is 21 per cent, which is low when compared to rivals such as TCS, Infosys, HCL, Tech Mahindra, and L&T Infotech.

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