EquityPandit’s Outlook for Wipro for the week (February 15, 2016 – February 19, 2016):
Wipro closed the week on negative note losing around 7.30%.
As we have mentioned last week that support for the stock lies in the zone of 545 to 550 where the trend-line support for the stock is positioned. If the stock closes below this levels then the stock can drift to the levels of 530 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 508 and close the week around the levels of 517.
Support for the stock lies in the zone of 490 to 500 where 1000 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close below this levels then the stock can witness a freefall and the stock can move to the levels of 450.
Resistance for the stock lies in the zone of 530 to 540 from where the stock has broken down from the short term bottom and the gap which was created on 09-02-2016. If the stock closes above this levels then the stock can move to the levels of 565 to 570 where 100, 200 & 500 Daily SMA are positioned.
Broad range for the stock in the coming week is seen between 490 to 500 on downside to 540 to 550 on upside.