EquityPandit’s Outlook for Wipro for the week (October 10, 2016 – October 14, 2016) :

WIPRO:

Wipro closed the week on negative note losing around 0.40%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 485 to 490. Resistance for the stock lies in the zone of 505 to 510 from where the stock has broken down from the long term support. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520. During the week the stock manages to hit a high of 485 and close the week around the levels of 477.

Support for the stock lies in the zone of 470 to 475 where the stock has taken support in the month of December – 2013 and May – 2014. The stock has seen a major break down on long term charts and the stock can drift to the levels of around 450.

Minor resistance for the stock lies in the zone of 485 to 490. Resistance for the stock lies in the zone of 505 to 510 from where the stock has broken down from the long term support. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520.

Broad range for the stock in the coming week is seen between 460 to 465 on downside to 495 to 500 on upside.