EquityPandit’s Outlook for Wipro for the week (April 25, 2016 – April 29, 2016):
Wipro closed the week on negative note losing around 4.60%.
As we have mentioned last week that 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. During the week the stock manages to hit a high of 607 and close the week around the levels of 558.
Support for the stock lies in the zone of 545 to 550 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 530.
Resistance for the stock lies in the zone of 560 to 570 where 200 & 500 Daily SMA are lying. If the stock manages to close above these levels then the stock can move to the levels of 575 to 585 where the stock has opened gap down on 21/04/2016.
Broad range for the stock in the coming week is seen between 540 to 545 on downside to 575 to 580 on upside.