EquityPandit’s Outlook for Wipro for the week (January 25, 2016 – January 29, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 1.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 530 and bounce to close the week around the levels of 550.

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.

Stock has closed around the strong resistance 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 530 to 535 on downside to 560 to 565 on upside.