EquityPandit’s Outlook for Wipro for the week (September 06, 2016 – September 09, 2016) :

WIPRO:

Wipro closed the week on negative note losing around 1.30%.

As we have mentioned last week that the stock has seen a major break down on long term charts and the stock can drift to the levels of around 450. Support for the stock lies in the zone of 470 to 475 where the stock has taken support in the month of December – 2013 and May – 2014. During the week the stock manages to hit a low of 477 and close the week around the levels of 484.

The stock has seen a major break down on long term charts and the stock can drift to the levels of around 450. Support for the stock lies in the zone of 470 to 475 where the stock has taken support in the month of December – 2013 and May – 2014.

Minor resistance for the stock lies in the zone of 495. Resistance for the stock lies in the zone of 505 to 510 from where the stock has broken down from the long term support. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520.

Broad range for the stock in the coming week is seen between 470 to 475 on downside to 500 to 510 on upside.