EquityPandit’s Outlook for Wipro for the week (March 20, 2017 – March 24, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 3.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 495 to 500 where the stock has form a top in the month of October-2016, Fibonacci level and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 510 to 515 from where the stock broke down from the double bottom pattern. During the week the stock manages to hit a high of 507 and close the week around the levels of 504.

Support for the stock lies in the zone of 490 to 495 where Fibonacci level and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 480 to 485 from where the stock broke out after consolidation.

Resistance for the stock lies in the zone of 510 to 515 from where the stock broke down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 from where the stock broke down in the month of August-2017.

Broad range for the stock in the coming week is seen between 480 to 485 on downside & 520 to 525 on upside.