EquityPandit’s Outlook for Wipro for the week (January 23, 2017 – January 27, 2017) :

WIPRO:

Wipro closed the week on negative note losing around 1.40%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 488 and close the week around the levels of 478.

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 medium 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 460 to 465 on downside to 490 to 495 on upside.