EquityPandit’s Outlook for Wipro for the week (March 06, 2017 – March 10, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 1.60%.

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 495 to 500 where the stock has form a top in the month of October-2016, Fibonacci level and 200 Daily SMA is lying. During the week the stock manages to hit a high of 496 and close the week around the levels of 494.

Minor support for the stock lies in the zone of 483 to 485. Support for the stock lies in the zone of 468 to 470 where the stock has taken multiple support and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 460 to 463 from where the stock has broken out of consolidation zone.

Resistance for the stock lies in the zone 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. If the stock manages to close above these levels then the stock can move to the levels of 510 to 515 from where the stock broke down from the double bottom pattern.

Broad range for the stock in the coming week is seen between 480 to 485 on downside & 505 to 510 on upside.