EquityPandit’s Outlook for Wipro for the week (October 24, 2016 – October 28, 2016) :

WIPRO:

Wipro closed the week on positive note gaining around 5.10%.

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 501 and close the week around the levels of 499.

Minor support for the stock lies in the zone of 485 to 490. 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.

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 where medium term moving averages are lying. Above the levels of 520 the stock can move to the levels of 532 to 535 where 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 475 to 480 on downside to 515 to 520 on upside.