EquityPandit’s Outlook for Cipla for the week (October 19, 2015 – October 23, 2015):

CIPLA:

CIPLA closed the week on negative note losing around 1.5%.

As we have mentioned last week that support for the stock lies in the range of 650 to 660 where 100 & 200 Daily SMA are positioned. If the stock closes below the levels of 650 then the stock can drift to the levels of 620 where trend-line support for the stock is lying. During the week the stock manages to hit a low of 660 and bounce to close the week around the levels of 680.

Support for the stock lies in the range of 650 to 660 where 100 & 200 Daily SMA are positioned. If the stock closes below the levels of 650 then the stock can drift to the levels of 630 where trend-line support for the stock is lying.

The stock has broken out of the triangle pattern. Targets for the same can be in the range of 720 to 740.

Stock can face minor resistance around the zone of 700 where trend-line resistance for the stock is lying. If the stock manages to close above the levels of 710 then the stock can move to the levels of 740 where trend-line joining earlier highs is positioned.

Broad range for the stock is seen in the range of 650 – 660 on downside to 700 – 710 on upside.