EquityPandit’s Outlook for Wipro for the week (July 18, 2016 – July 22, 2016):

WIPRO:

Wipro closed the week on negative note losing around 1.30%.

As we have mentioned last week that resistance zone for the stock lies in the zone of 565 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 575 where the stock has opened gap down on 21/04/2016. During the week the stock manages to hit a high of 578 and close the week around the levels of 555.

Support for the stock lies in the zone of 550 to 555 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 zone for the stock lies in the zone of 565 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 575 where the stock has opened gap down on 21/04/2016.

Broad range for the stock in the coming week is seen between 540 to 545 on downside to 565 to 570 on upside.