EquityPandit’s Outlook for Wipro for the week (August 16, 2016 – August 19, 2016):

WIPRO:

Wipro closed the week on negative note losing around 0.60%.

As we have mentioned last week that resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567. During the week the stock manages to hit a high of 553 and close the week around the levels of 544.

Support for the stock lies in the zone of 530 to 535. Support for the stock lies in the zone of 528 to 531 from where the stock has bounced multiple times in last 6 months. 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 in the month of February – 2016.

Resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567.

Broad range for the stock in the coming week is seen between 528 to 530 on downside to 555 to 560 on upside.