EquityPandit’s Outlook for Wipro for the week (January 16, 2017 – January 20, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 3.10%.

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 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. During the week the stock manages to hit a high of 486 and close the week around the levels of 485.

Minor support for the stock lies in the zone of 478 to 480. Support for the stock lies in the zone of 470 to 472 where short term moving averages are lying. If the stock closes below these levels then the stock can drift to the levels of 458 to 460.

Resistance for the stock lies in the zone of 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. If the stock manages to close above these levels then the stock can move to the levels of 500 where the stock has form a top in the month of October-2016.

Broad range for the stock in the coming week is seen between 470 to 475 on downside to 500 to 505 on upside.