EquityPandit’s Outlook for Wipro for the week  (May 15, 2017 – May 19, 2017) :

WIPRO:

Wipro closed the week on positive note gaining around 1.60%.

As we have mentioned last week that support for the stock lies in the zone of 492 to 495 where Fibonacci level and short term moving averages are 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 & 200 days moving averages are lying. During the week the stock manages to hit a low of 496 and close the week around the levels of 507.

Minor support for the stock lies in the zone of 501 to 503. Support for the stock lies in the zone of 492 to 495 where Fibonacci level 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 & 200 days moving averages are lying.

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 490 to 495 on downside & 520 to 525 on upside.