EquityPandit’s Outlook for Wipro for the week  (May 07, 2018 – May 11, 2018) : 

WIPRO:

Wipro closed the week on negative note losing around 2.20%.

As we have mentioned last week, that resistance for the stock lies in the zone of 285 to 290 where Fibonacci levels and short & long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 from where the stock has broken down and Fibonacci levels are lying. During the week the stock manages to hit a high of 282 and close the week around the levels of 270.

Support for the stock lies in the zone of 265 to 270 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 250 to 255 where the stock has taken multiple support in the month of June-2017.

Minor resistance for the stock lies in the zone of 275 to 280. Resistance for the stock lies in the zone of 285 to 290 where Fibonacci levels and short & long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 from where the stock has broken down and Fibonacci levels are lying.

Broad range for the stock in the coming week is seen between 250 to 255 on downside & 285 to 290 on upside.