EquityPandit’s Outlook for Wipro for the week (August 01, 2016 – August 05, 2016):

WIPRO:

Wipro closed the week on positive note gaining around 1.40%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 545. Resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567. During the week the stock manages to hit a high of 557 and close the week around the levels of 545.

Support for the stock lies in the zone of 530 to 535. Support for the stock lies in the zone of 528 to 531 from where the stock has bounced multiple times in last 6 months. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 505 where the stock has formed a medium term bottom in the month of February – 2016.

Minor resistance for the stock lies in the zone of 545. Resistance zone for the stock lies in the zone of 550 to 555 where short term and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 567.

Broad range for the stock in the coming week is seen between 525 to 530 on downside to 555 to 560 on upside.