EquityPandit’s Outlook for Wipro for the week (June 13, 2016 – June 17, 2016):
WIPRO:
Wipro closed the week on positive note gaining around 0.80%.
As we have mentioned last week that resistance for the stock lies in the zone of 545 to 550 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 570 where 200 & 500 Daily SMA are lying. During the week the stock manages to hit a high of 547 and close the week around the levels of 545.
Minor support for the stock lies in the zone of 530. Support for the stock lies in the zone of 520 to 525 from where the stock has bounced in the month of March – 2016. 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.
Resistance for the stock lies in the zone of 545 to 550 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 560 to 570 where 200 & 500 Daily SMA are lying.
Broad range for the stock in the coming week is seen between 525 to 530 on downside to 552 to 557 on upside.