EquityPandit’s Outlook for Wipro for the week  (May 22, 2017 – May 26, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 2.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 512 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-2016. During the week the stock manages to hit a high of 528 and close the week around the levels of 520.

Minor support for the stock lies in the zone of 513 to 515. Support for the stock lies in the zone of 500 to 502 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 490 to 495 where medium & 200 daily moving averages are lying.

Resistance for the stock lies in the zone of 525 to 530 from where the stock broke down in the month of August-2016. If the stock manages to close above these levels then the stock can move to the levels of 540 to 545 from where the stock broke down.

Broad range for the stock in the coming week is seen between 500 to 505 on downside & 540 to 545 on upside.