EquityPandit’s Outlook for Wipro for the week  (May 29, 2017 – June 02, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 3.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 545 and close the week around the levels of 539.

Minor support for the stock lies in the zone of 530 to 533. Support for the stock lies in the zone of 518 to 520 from where the stock broke out of March-2017 and April-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 from where the stock broke out after consolidation and short term moving averages are lying.

Resistance for the stock lies in the zone of 540 to 545 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 560 to 565.

Broad range for the stock in the coming week is seen between 515 to 520 on downside & 560 to 565 on upside.