EquityPandit’s Outlook for Wipro for the week (November 16, 2015 – November 20, 2015):
Wipro closed the week on negative note losing around 3.3%.
As we have mentioned last week that support for the stock lies in the zone of 560 to 565 where 100 & 500 Daily SMA are positioned. If the stock manages to close below this levels then the stock can drift to the levels of 550 where long term trend-line for the stock is positioned. During the week the stock manages to hit a low of 550 and close the week around the levels of 551.
Support for the stock lies in the zone of 540 to 550 where trend-line support for the stock is lying. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 480 where 1000 Daily SMA and 200 Weekly SMA are positioned.
Resistance for the stock lies in the zone of 560 to 565 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes above this levels then the stock can move to the levels of 575 to 580 where 100 & 200 Daily SMA are positioned.
Broad range for the stock in the coming week is seen between 535 to 540 on downside to 565 to 570 on upside.