EquityPandit’s Outlook for Wipro for the week (August 29, 2016 – September 02, 2016) :
Wipro closed the week on negative note losing around 5.80%.
As we have mentioned last week that support for the stock lies in the zone of 500 to 505 where the stock has formed a medium term bottom in the month of February – 2016. A break below these levels can see a major break down in the stock on long term charts and the stock can drift to the levels of around 450. During the week the stock manages to hit a low of 488 and close the week around the levels of 490.
The stock has seen a major break down on long term charts and the stock can drift to the levels of around 450. Support for the stock lies in the zone of 470 to 475 where the stock has taken support in the month of December – 2013 and May – 2014.
Resistance for the stock lies in the zone of 505 to 510 from where the stock has broken down from the long term support. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520.
Broad range for the stock in the coming week is seen between 470 to 475 on downside to 515 to 520 on upside.