EquityPandit’s Outlook for Wipro for the week (March 21, 2016 – March 23, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 2.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 528 and bounce to close the week around the levels of 553.

Support for the stock lies in the zone of 540 where short term moving averages are lying. If the stock manages to close below this levels then the stock can drift to the levels 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 zone of 560 to 565 where 200 & 500 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 590.

Broad range for the stock in the coming week is seen between 535 to 540 on downside to 565 to 570 on upside.