EquityPandit’s Outlook for Wipro for the week (August 31, 2015 – September 04, 2015):
Wipro closed the week on negative note losing around 2%.
As we have mentioned last week that 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. The stock broke below the consolidation range of 550 to 580. Below the levels of 550 the stock drifted to the levels of 528 and bounce back to close the week around the levels of 563.
The stock manages to move above the 100 Daily SMA and 200 Daily SMA positioned around the levels of 550 to 560.
Support for the stock lies in the zone of 550 below which the stock can drift to levels of 530 where long term support for the stock lies.
Resistance for the stock lies in the zone of 560 to 570 above which the stock can move to the levels of 580 to 600.
Broad range for the stock in the coming week is seen between 530 to 540 on downside to 580 to 600 on upside.