EquityPandit’s Outlook for Wipro for the week (May 09, 2016 – May 13, 2016):

WIPRO:

Wipro closed the week on negative note losing around 3.80%.

As we have mentioned last week that support for the stock lies in the zone of 545 to 550 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 530. During the week the stock manages to hit a low of 531 and close the week around the levels of 533.

Support for the stock lies in the zone of 520 to 525 from where the stock has bounced in the month of March – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 where the stock has formed a medium term bottom.

Resistance for the stock lies in the zone of 560 to 570 where 200 & 500 Daily SMA are lying. If the stock manages to close above these levels then the stock can move to the levels of 575 to 585 where the stock has opened gap down on 21/04/2016.

Broad range for the stock in the coming week is seen between 510 to 515 on downside to 550 to 555 on upside.