EquityPandit’s Outlook for Wipro for week (July 06, 2015 – July 10, 2015):
Wipro closed the week on absolutely flat note with negative bias.
As we have suggested last week that the stock has formed a Bearish Harami pattern on Weekly charts in the uptrend suggesting the exhaustion of fresh buying at this levels. Generally after the formation of this pattern we may see stock moving downwards.
This week the stock was facing stiff resistance around the levels of 555 to 560 zone.
If the stock moves above the levels of 562 we can see stock moving to the levels of 570.
If the stock moves below the levels of 550 on closing basis we can see stock moving to the levels of 540 where trend-line and 500 Daily SMA is positioned.
Broad range for the stock in the coming week is seen between 530 to 540 on downside to 570 to 580 on upside.