EquityPandit’s Outlook for Wipro for the week (February 01, 2016 – February 05, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 2.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 566 and close at the highest levels.

Support 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 drift to the levels of 530 where the stock has formed a short term bottom.

Stock has closed around the resistance zone of 565 to 570 where 100, 200 & 500 Daily SMA are positioned. If the stock closes above this levels then the stock can move to the levels of 580.

Broad range for the stock in the coming week is seen between 540 to 545 on downside to 575 to 580 on upside.