EquityPandit’s Outlook for Wipro for the week  (April 10, 2017 – April 13, 2017) :

WIPRO:

Wipro closed the week on negative note losing around 0.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 510 to 515 from where the stock broke down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 from where the stock broke down in the month of August-2016. During the week the stock manages to hit a high of 516 and close the week around the levels of 512.

Minor support for the stock lies in the zone of 504 to 508. Support for the stock lies in the zone of 490 to 495 where Fibonacci level and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 480 to 485 from where the stock broke out after consolidation.

Resistance for the stock lies in the zone of 512 to 515 from where the stock broke down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 525 to 530 from where the stock broke down in the month of August-2016.

Broad range for the stock in the coming week is seen between 495 to 500 on downside & 525 to 530 on upside.