EquityPandit’s Outlook for Wipro for week (July 20, 2015 – July 24, 2015):

WIPRO:

Wipro closed the week on positive note gaining more than 3%.

As we have mentioned last week that the stock has formed a Inverted Hammer pattern on weekly charts in a downtrend indicating the trend reversal. The stock started the week on the positive note and gained more than 5% during the week but sold off on 17/07/2015 from the stiff resistance zone of 580 levels.

The stock has formed a Evening Star pattern on Daily chart indicating the end of the uptrend in the stock.

The stock has to close above the stiff resistance zone of 580 where 100 and 200 Daily SMA are lying to negate this pattern.

Support for the stock is seen in the zone of 550 to 560 where short term moving averages are positioned.

Resistance for the stock lies in the range of 570 to 580 where long term moving averages and trend-line resistances are lying.

Broad range for the stock in the coming week is seen between 530 to 540 on downside to 580 to 600 on upside.