EquityPandit’s Outlook for Wipro for the week (December 26, 2016 – December 30, 2016) :

WIPRO:

Wipro closed the week on negative note losing around 1.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 455 and close the week around the levels of 459.

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.

Minor resistance for the stock lies in the zone of 461 to 463. 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 440 to 445 on downside to 470 to 475 on upside.