EquityPandit’s Outlook for Wipro for the week  (Oct 03, 2017 – Oct 06, 2017) :

WIPRO:

Wipro closed the week on negative note losing around 4.80%.

As we have mentioned last week, that minor support for the stock lies in the zone of 289 to 291. Support for the stock lies in the zone of 281 to 284 from where the stock broke out of June-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 272 to 274 from where the stock has opened gap up. During the week the stock manages to hit a low of 279 and close the week around the levels of 280.

Support for the stock lies in the zone of 275 to 277 where medium term moving averages and trend-line support for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 264 to 266 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 284 to 285. Resistance for the stock lies in the zone of 288 to 290 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 294 to 296 from where the stock broke down after consolidation.

Broad range for the stock in the coming week is seen between 270 to 272 on downside & 290 to 292 on upside.