EquityPandit’s Outlook for Wipro for the week  (July 16, 2018 – July 20, 2018) : 

WIPRO:

Wipro closed the week on positive note gaining around 6.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 268 to 270 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 285 to 290 where Fibonacci levels and medium & long term moving averages are lying. During the week the stock manages to hit a high of 290 and close the week around the levels of 281.

Support for the stock lies in the zone of 268 to 270 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 250 to 255 where the stock has taken multiple support in the month of June-2017.

Resistance for the stock lies in the zone of 285 to 290 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 where Fibonacci levels are lying.

Broad range for the stock in the coming week is seen between 265 to 270 on downside & 295 to 300 on upside.