EquityPandit’s Outlook for Wipro for the week (April 18, 2016 – April 22, 2016):
Wipro closed the week on positive note gaining around 6.40%.
As we have mentioned last week that the stock has closed around the support zone of 545 to 550 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below these levels then the stock can drift to the levels of 520 to 525 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 542 and close the week around the levels of 585.
Support for the stock lies in the zone of 560 to 565 where 200 & 500 Daily SMA are positioned. If the stock manages to close below these levels then the stock can drift to the levels of 540 where 100 Daily SMA is lying.
Resistance for the stock lies in the zone of 610 to 620 where the stock has made a medium term top in the month of Oct-2015. If the stock closes above these levels and sustains above it for couple of days then the stock can form a W– shape pattern on long term charts. The targets for the same can be in the range of 650 to 670.
Broad range for the stock in the coming week is seen between 560 to 565 on downside to 610 to 620 on upside.