EquityPandit’s Outlook for Cipla for the week (November 23, 2015 – November 27, 2015):

CIPLA:

CIPLA closed the week on positive note gaining around 4.70%.

As we have mentioned last week that support for the stock lies in the zone of 618 where trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 560 to 580 where 500 Daily & 100 Weekly SMA are positioned. During the week the stock manages to hit a low of 613 and bounce to close the week around the levels of 646.

Support for the stock lies in the zone of 618 where trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 560 to 580 where 500 Daily & 100 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 650 where short term moving averages and upward sloping trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 665 where 100 & 200 Daily SMA are positioned. The stock has formed a Bullish engulfing pattern on weekly charts in a downtrend indicating the trend reversal.

Broad range for the stock is seen in the range of 620 – 625 on downside to 660 – 665 on upside.