EquityPandit’s Outlook for Wipro for the week (October 19, 2015 – October 23, 2015):

WIPRO:

Wipro closed the week on negative note losing around 2.5%.

As we have mentioned last week that support for the stock lies in the zone of 570 to 580 where 200 Daily SMA are positioned and channel support for the stock are positioned. If the stock closes below this levels then the stock can drift to the levels of 560 to 565 where 100 & 500 Daily SMA are positioned. During the week the stock manages to hit a low of 565 and close the week around the levels of 577.

Support for the stock lies in the zone of 560 to 565 where 100 & 500 Daily SMA are positioned. If the stock manages to close below this levels then the stock can drift to the levels of 550 where long term trend-line for the stock is positioned.

Resistance for the stock lies in the zone of 585 where 100 Daily SMA is positioned. If the stock manages to close above this levels then the stock can move to the levels of 600 from where the stock has sold off.

Broad range for the stock in the coming week is seen between 560 to 565 on downside to 600 to 610 on upside.