EquityPandit’s Outlook for Wipro for the week (February 27, 2017 – March 03, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 2.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 465 to 470. Support for the stock lies in the zone of 450 to 453 from where the stock has bounced couple of times in the month of December-2016. If the stock manages to close below these levels then the stock can drift to the levels of 430 to 435 where the stock has taken multiple support in the month of November-2016. During the week the stock manages to hit a low of 470 and close the week around the levels of 486.

Minor support for the stock lies in the zone of 477 to 480. Support for the stock lies in the zone of 468 to 470 where the stock has taken multiple support. If the stock manages to close below these levels then the stock can drift to the levels of 460 to 463 from where the stock has broken out of consolidation zone.

Resistance for the stock lies in the zone of 485 to 490 where the stock has formed a gap on gap down opening on 24/10/2016. If the stock manages to close above these levels then the stock can move to the levels of 495 to 500 where the stock has form a top in the month of October-2016, Fibonacci level and 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 470 to 475 on downside & 500 to 505 on upside.