EquityPandit’s Outlook for Wipro for the week (March 08, 2016 – March 11, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 1.20%.

As we have mentioned last week that the stock has closed around the resistance zone of 550 where short term moving averages is lying. If the stock closes above this levels then the stock can move to the levels of 560 to 565 where 100, 200 & 500 Daily SMA are positioned. During the week the stock manages to hit a high of 548 and close the week around the levels of 535.

Minor support for the stock lies in the zone of 520 to 525 where the stock has formed a short term bottom. If the stock closes below this levels then the stock can drift to the levels of 490 to 500 where 1000 Daily SMA and 200 Weekly SMA is lying.

Resistance for the stock lies in the range of 550 where short term moving averages is lying. If the stock closes above this levels then the stock can move to the levels of 560 to 565 where 100, 200 & 500 Daily SMA are positioned.

Broad range for the stock in the coming week is seen between 510 to 515 on downside to 550 to 555 on upside.