EquityPandit’s Outlook for Wipro for the week (July 04, 2016 – July 08, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 0.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 565 and close the week around the levels of 559.

Support for the stock lies in the zone of 552 to 557 where medium term moving averages and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 535 to 540 where the stock has formed a medium term bottom in the month of May – 2016 and June – 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 565 to 568 on upside.