EquityPandit’s Outlook for Wipro for the week (July 25, 2016 – July 29, 2016):

WIPRO:

Wipro closed the week on negative note losing around 3.00%.

As we have mentioned last week that resistance zone for the stock lies in the zone of 565 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 575 where the stock has opened gap down on 21/04/2016. During the week the stock manages to hit a high of 554 and close the week around the levels of 538.

Support for the stock lies in the zone of 528 to 531 from where the stock has bounced multiple times in last 6 months. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 where the stock has formed a medium term bottom in the month of February – 2016.

Minor resistance for the stock lies in the zone of 545. Resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567.

Broad range for the stock in the coming week is seen between 520 to 525 on downside to 550 to 555 on upside.