EquityPandit’s Outlook for Wipro for the week (November 28, 2016 – December 02, 2016) :

WIPRO:

Wipro closed the week on positive note gaining around 6.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 428 to 430. The stock is in long term bear market and the stock is drifting through all the major support zones. Support for the stock lies in the zone of 400 to 410 where declining trend-line joining highs of January-2011 and April-2013 is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 350. During the week the stock manages to hit a low of 437 and close the week around the levels of 465.

Support for the stock lies in the zone of 455 to 457 levels from where the stock has broken out on intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 435 to 440 levels where the stock has taken support couple of times last week.

Resistance for the stock lies in the zone of 470 to 475 from where the stock has broken down from the double bottom pattern in the month of September – 2016. If the stock manages to close above these levels then the stock can move to the levels of 480 to 490 where medium term moving averages are lying.

Broad range for the stock in the coming week is seen between 445 to 450 on downside to 475 to 480 on upside.