EquityPandit’s Outlook for Wipro for the week (December 07, 2015 – December 11, 2015):

WIPRO:

Wipro closed the week on absolutely flat note.

As we have mentioned last week that the support for the stock lies in the zone of 560 where 500 Daily SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 540 to 545 where trend-line support for the stock is lying. During the week the stock manages to hit a low of 562 and bounce to close the week around the levels of 569.

Support for the stock lies in the zone of 560 where 500 Daily SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 540 to 545 where trend-line support for the stock is lying.

Stock has closes around the strong resistance zone of 570 to 580 where 100 & 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 600.

The stock has formed a shooting star pattern on weekly charts in an uptrend indicating the trend reversal. The stock has to close above the levels of 587 to negate this pattern.

Broad range for the stock in the coming week is seen between 550 to 555 on downside to 585 to 590 on upside.