EquityPandit’s Outlook for Wipro for the week (November 07, 2016 – November 11, 2016) :

WIPRO:

Wipro closed the week on negative note losing around 2.60%.

As we have mentioned last week that support for the stock lies in the zone of 450 to 455 from where the stock broke out of the consolidation zone in the year 2012 and 2013. The stock has witnessed a sharp correction from the recent highs of 575 to 600. If the support zone of 450 does not hold there is possibility that the stock can drift to the levels of 350. During the week the stock manages to hit a low of 444 and close the week around the levels of 453.

Support for the stock lies in the zone of 450 to 455 from where the stock broke out of the consolidation zone in the year 2012 and 2013. The stock has witnessed a sharp correction from the recent highs of 575 to 600. If the support zone of 450 does not hold there is possibility that the stock can drift to the levels of 350.

Resistance for the stock lies in the zone of 470 to 475 from where the stock has broken down from the double bottom pattern in the month of September – 2016. If the stock manages to close above these levels then the stock can move to the levels of 480 to 490 where short term moving averages are lying.

Broad range for the stock in the coming week is seen between 435 to 440 on downside to 475 to 480 on upside.