EquityPandit’s Outlook for Wipro for week (July 27, 2015 – July 31, 2015):
Wipro closed the week on absolutely flat note.
As seen from the chart the stock has retraced from the upper end of the channel pattern which the stock is following since the month of April 2015. The lower end of the channel lies around the levels of 550.
The stock has formed a Shooting Star pattern on weekly charts indicating the end of the uptrend in the stock. The stock has to sustain above the levels of 594 to negate this pattern.
The stock has also closed below the 100 Daily SMA and 200 Daily SMA positioned around the levels of 580.
Support for the stock lies in the zone 550 to 560 where 500 Daily SMA and channel support are positioned.
Resistance for the stock lies in the zone of 580 to 590 where 100 Daily SMA and 200 Daily SMA are lying.
Broad range for the stock in the coming week is seen between 530 to 540 on downside to 580 to 600 on upside.