EquityPandit’s Outlook for Wipro for the week  (Feb 05, 2018 – Feb 09, 2018) : 

WIPRO:

Wipro closed the week on negative note losing around 3.60%.

As we have mentioned last week, that support for the stock lies in the zone of 308 to 310 from where the stock broke out of the top formed in the month of November-2017. If the stock manages to close below these levels then the stock can drift to the levels of 300 to 303 where short & medium term moving averages are lying. During the week the stock manages to hit a low of 295 and close the week around the levels of 301.

Support for the stock lies in the zone of 295 to 300 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 280 to 285 where the stock has formed a bottom in the month of December-2017 and long term moving averages are lying.

Resistance for the stock lies in the zone of 305 to 307 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 315 to 320.

Broad range for the stock in the coming week is seen between 280 to 285 on downside & 315 to 320 on upside.