EquityPandit’s Outlook for Wipro for week (July 13, 2015 – July 17, 2015):

WIPRO:

Wipro closed the week on absolutely flat note with negative bias.

The stock has formed a Inverted Hammer pattern on weekly charts in a downtrend indicating the trend reversal.

If the stock manages to close above the levels of 560 we can see stock moving towards the levels of 570.

The stock is trading around the strong support zone of 540 to 550 where 500 Daily SMA and 100 Weekly SMA are positioned.

If the stock breaks below the levels of 540 the stock can drift to the levels of 500 where long term trend-line is positioned.

Resistance for the stock lies in the range of 560 to 570 where short term moving averages and trend-line resistances are lying.

Broad range for the stock in the coming week is seen between 520 to 530 on downside to 570 to 580 on upside.