EquityPandit’s Outlook for Wipro for the week (January 30, 2017 – February 03, 2017) :

WIPRO:

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

As we have mentioned last week that resistance for the stock lies in the zone of 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. If the stock manages to close above these levels then the stock can move to the levels of 500 where the stock has form a top in the month of October-2016. During the week the stock manages to hit a high of 484 and close the week around the levels of 466.

Support for the stock lies in the zone of 460 to 463 from where the stock has bounced in the month of January-2017. If the stock manages to close below these levels then the stock can drift to the levels of 450 to 453 from where the stock has bounced couple of times in the month of December-2016.

Minor resistance for the stock lies in the zone of 473 to 475. Resistance for the stock lies in the zone of 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. If the stock manages to close above these levels then the stock can move to the levels of 500 where the stock has form a top in the month of October-2016.

Broad range for the stock in the coming week is seen between 445 to 450 on downside to 480 to 485 on upside.