EquityPandit’s Outlook for Wipro for the week (November 23, 2015 – November 27, 2015):
Wipro closed the week on positive note gaining around 3.30%.
As we have mentioned last week that 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. During the week the stock manages to hit a low of 542 and close the week around the levels of 570.
Support for the stock lies in the zone of 560 where 500 Daily SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 540 to 545 where trend-line support for the stock is lying.
Stock has closes around the strong resistance zone of 570 to 580 where 100 & 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 600.
The stock has formed a Bullish engulfing pattern on Weekly charts in a downtrend indicating the trend reversal.
Broad range for the stock in the coming week is seen between 550 to 555 on downside to 585 to 590 on upside.