EquityPandit’s Outlook for Wipro for the week (August 22, 2016 – August 26, 2016):

WIPRO:

Wipro closed the week on negative note losing around 4.30%.

As we have mentioned last week that resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567. During the week the stock manages to hit a high of 546 and close the week around the levels of 520.

Support for the stock lies in the zone of 500 to 505 where the stock has formed a medium term bottom in the month of February – 2016. A break below these levels can see a major break down in the stock on long term charts and the stock can drift to the levels of around 450.

Minor resistance for the stock lies in the zone of 530 to 535. Resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567.

Broad range for the stock in the coming week is seen between 500 to 505 on downside to 535 to 540 on upside.