EquityPandit’s Outlook for Wipro for the week (December 19, 2016 – December 23, 2016) :

WIPRO:

Wipro closed the week on positive note gaining around 1.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 470 to 475 from where the stock has broken down from the double bottom pattern in the month of September – 2016. If the stock manages to close above these levels then the stock can move to the levels of 480 to 490 where medium term moving averages are lying. During the week the stock manages to hit a high of 472 and close the week around the levels of 463.

Support for the stock lies in the zone of 455 to 457 levels from where the stock has broken out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 435 to 440 levels where the stock has taken support couple of times last week.

Resistance for the stock lies in the zone of 470 to 475 from where the stock has broken down from the double bottom pattern in the month of September – 2016. If the stock manages to close above these levels then the stock can move to the levels of 480 to 490 where medium term moving averages are lying.

Broad range for the stock in the coming week is seen between 445 to 450 on downside to 470 to 475 on upside.