EquityPandit’s Outlook for Wipro for the week (February 20, 2017 – February 24, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 1.30%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 465 to 470. 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 475.

Minor support for the stock lies in the zone of 465 to 470. Support for the stock lies in the zone of 450 to 453 from where the stock has bounced couple of times in the month of December-2016. If the stock manages to close below these levels then the stock can drift to the levels of 430 to 435 where the stock has taken multiple support in the month of November-2016.

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 495 to 500 where the stock has form a top in the month of October-2016, Fibonacci level and 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 460 to 465 on downside & 490 to 495 on upside.