EquityPandit’s Outlook for Wipro for the week  (June 12, 2017 – June 16, 2017) :

WIPRO:

Wipro closed the week on negative note losing around 2.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 555 to 557 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 562 to 566. During the week the stock manages to hit a high of 568 and close the week around the levels of 537.

Minor support for the stock lies in the zone of 535 to 540. Support for the stock lies in the zone of 518 to 520 from where the stock broke out of March-2017 and April-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 from where the stock broke out after consolidation and short term moving averages are lying.

Minor resistance for the stock lies in the zone of 540 to 545. Resistance for the stock lies in the zone of 555 to 557 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 565 to 568.

Broad range for the stock in the coming week is seen between 510 to 515 on downside & 555 to 560 on upside.