EquityPandit’s Outlook for Wipro for the week (August 17, 2015 – August 21, 2015):
Wipro closed the week on positive note gaining around 1%.
The stock has been moving in the range of 555 on downside where 500 Daily SMA is positioned and 580 on upside where 200 Daily SMA is positioned. A breakout on either side can take the stock further 5% to 6% in that direction.
Above the levels of 582 the stock can move to the levels of 610 where upward moving channel is lying.
The stock has formed a Bullish Harami pattern on daily charts indicating the bullish tone in the stock.
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 200 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 540 to 550 on downside to 580 to 600 on upside.