EquityPandit’s Outlook for Wipro for week (August 10, 2015 – August 14, 2015):
Wipro closed the week on absolutely flat note.
Last week the stock has formed a Shooting Star pattern on weekly charts indicating the end of the uptrend in the stock. The stock corrected to the levels of 553 before bouncing to the levels of 570 by end of the week.
This week the stock has formed a Hammer pattern on weekly charts in downtrend indicating the trend reversal.
If the stock manages to move above the resistance zone of 570 to 580 where 100 Daily SMA and 200 Daily SMA are lying the stock can move to the levels of 600.
Support for the stock lies in the zone 550 to 560 where 500 Daily SMA, 100 Weekly 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 540 to 550 on downside to 580 to 600 on upside.