EquityPandit’s Outlook for Wipro for the week (January 09, 2017 – January 13, 2017) :

WIPRO:

Wipro closed the week on negative note losing around 0.90%.

As we have mentioned last week that 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 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. During the week the stock manages to hit a high of 486 and close the week around the levels of 470.

Minor support for the stock lies in the zone of 465 to 468. Support for the stock lies in the zone of 455 to 457 levels from where the stock has broken out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 435 to 440 levels where the stock has taken support couple of times last week.

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 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016.

Broad range for the stock in the coming week is seen between 455 to 460 on downside to 485 to 490 on upside.