EquityPandit’s Outlook for Wipro for the week (January 18, 2016 – January 22, 2016):

WIPRO:

Wipro closed the week on negative note losing around 2.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 565 to 570 where 100, 200 & 500 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 600. During the week the stock manages to hit a high of 554 and retraced to close the week around the levels of 543.

Stock has closed below the trend-line support which is holding the stock since the month of April – 2015. Support for the stock lies in the zone of 530 where the stock has formed a short term bottom. If the stock closes below this levels then the stock can drift to the levels of 510 from where the stock has bounce in the month of April – 2015.

Resistance for the stock lies in the zone of 545 to 550 where the trend-line support for the stock is positioned. If the stock closes below this levels then the stock can move to the levels of 565 to 570 where 100, 200 & 500 Daily SMA are positioned.

Broad range for the stock in the coming week is seen between 525 to 530 on downside to 550 to 555 on upside.