EquityPandit’s Outlook for Wipro for the week (November 15, 2016 – November 18, 2016) :
Wipro closed the week on negative note losing around 2.20%.
As we have mentioned last week that support for the stock lies in the zone of 450 to 455 from where the stock broke out of the consolidation zone in the year 2012 and 2013. The stock has witnessed a sharp correction from the recent highs of 575 to 600. If the support zone of 450 does not hold there is possibility that the stock can drift to the levels of 350. During the week the stock manages to hit a low of 408 and close the week around the levels of 442.
The stock is in long term bear market and the stock is drifting through all the major support zones. Support for the stock lies in the zone of 400 to 410 where declining trend-line joining January-2011 and April-2013 is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 350.
Minor resistance for the stock lies in the zone of 450 to 455. Resistance for the stock lies in the zone of 470 to 475 from where the stock has broken down from the double bottom pattern in the month of September – 2016. If the stock manages to close above these levels then the stock can move to the levels of 480 to 490 where short term moving averages are lying.
Broad range for the stock in the coming week is seen between 410 to 420 on downside to 455 to 460 on upside.