EquityPandit’s Outlook for Wipro for the week  (May 02, 2017 – May 05, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 0.60%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 500 to 503. 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. During the week the stock manages to hit a high of 512 and close the week around the levels of 494.

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 and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 500 to 503. 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 475 to 480 on downside & 515 to 520 on upside.