EquityPandit’s Outlook for Wipro for the week  (June 19, 2017 – June 23, 2017) :

WIPRO:

Wipro closed the week on negative note losing around 4.90%.

As we have mentioned last week that minor support for the stock lies in the zone of 268 to 270. Support for the stock lies in the zone of 259 to 260 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 250 to 251 from where the stock broke out after consolidation and short term moving averages are lying. During the week the stock manages to hit a low of 252 and close the week around the levels of 255.

Support for the stock lies in the zone of 250 to 252 from where the stock broke out after consolidation and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 242 to 245 where 200 daily moving averages are lying.

Resistance for the stock lies in the zone of 258 to 260 from where the stock broke out of March-2017 and April-2017 highs. If the stock manages to close above these levels then the stock can move to the levels of 264 to 266 where Fibonacci levels are lying.

Broad range for the stock in the coming week is seen between 242 to 245 on downside & 264 to 266 on upside.