EquityPandit’s Outlook for Wipro for the week (April 04, 2016 – April 08, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 1.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 560 to 565 where 200 & 500 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 590. During the week the stock manages to hit a high of 572 and close the week around the levels of 561.

Support for the stock lies in the zone of 545 to 550 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below this levels then the stock can drift to the levels of 520 to 525 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone of 560 to 565 where 200 & 500 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 590.

Broad range for the stock in the coming week is seen between 540 to 545 on downside to 570 to 575 on upside.