EquityPandit’s Outlook for Wipro for the week (October 12, 2015 – October 16, 2015):
Wipro closed the week on negative note losing around 1.2%.
As we have mentioned last week that the stock has formed a Bearish pattern on daily charts in an uptrend indicating the trend reversal. The stock has formed a Doji pattern on weekly charts in an uptrend indicating the indecision among the traders about the further direction of the stock. During the week the stock manages to hit a high of 610 and sold off to the levels of 585.
Support for the stock lies in the zone of 570 to 580 where 200 Daily SMA are positioned and channel support for the stock are positioned. If the stock closes below this levels then the stock can drift to the levels of 560 to 565 where 100 & 500 Daily SMA are positioned.
The stock is approaching towards the strong resistance zone of 620 to 630 where upper end of the channel is positioned. The stock has been moving in this channel since the month of April – 2015.
Broad range for the stock in the coming week is seen between 570 to 580 on downside to 620 to 630 on upside.