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

WIPRO:

Wipro closed the week on positive note gaining around 5.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 530 to 540 from where the stock has broken down from the short term bottom and the gap which was created on 09-02-2016. If the stock closes above this levels then the stock can move to the levels of 565 to 570 where 100, 200 & 500 Daily SMA are positioned. During the week the stock manages to hit a high of 549 and close the week around the levels of 547.

Minor support for the stock lies in the zone of 530 to 540 where the stock has broken down from the short term bottom and the gap which was created on 09-02-2016. If the stock closes below this levels then the stock can drift to the levels of 490 to 500 where 1000 Daily SMA and 200 Weekly SMA is lying.

The stock has closed around the resistance zone of 550 where short term moving averages is lying. If the stock closes above this levels then the stock can move to the levels of 560 to 565 where 100, 200 & 500 Daily SMA are positioned.

Broad range for the stock in the coming week is seen between 520 to 525 on downside to 565 to 570 on upside.