EquityPandit’s Outlook for Wipro for the week  (Feb 19, 2018 – Feb 23, 2018) : 

WIPRO:

Wipro closed the week on positive note gaining around 2.10%.

As we have mentioned last week, that support for the stock lies in the zone of 280 to 285 where the stock has formed a bottom in the month of December-2017 and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 275 where Fibonacci levels are lying. During the week the stock manages to hit a low of 286 and close the week around the levels of 291.

Support for the stock lies in the zone of 280 to 285 where the stock has formed a bottom in the month of December-2017 and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 275 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 300 to 305 from where the stock has broken down and short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 310 to 315.

Broad range for the stock in the coming week is seen between 270 to 275 on downside & 305 to 310 on upside.