EquityPandit’s Outlook for Wipro for the week (June 20, 2016 – June 24, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 1.20%.

As we have mentioned last week that resistance 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 above these levels then the stock can move to the levels of 560 to 570 where 200 & 500 Daily SMA are lying. During the week the stock manages to hit a high of 554 and close the week around the levels of 552.

Support for the stock lies in the zone of 542 to 545 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 520 to 525 from where the stock has bounced in the month of March – 2016.

Resistance for the stock lies in the zone of 558 to 560 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 565 where 500 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 538 to 542 on downside to 563 to 567 on upside.