EquityPandit’s Outlook for Cipla for the week (January 11, 2016 – January 15, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 4.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 655 to 660 where upward sloping trend-line resistance and 100 & 200 Daily SMA for the stock are positioned. If the stock closes above this levels then the stock can move to the levels of 680 to 700 from where the stock has sold off in the month of October – 2015. During the week the stock manages to hit a high of 656 and sold off to close the week around the levels of 624.

Support for the stock lies in the zone of 620 where long term trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 580 where 500 Daily SMA and 100 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 645 to 650 where short term moving averages are lying. If the stock closes above this levels then the stock can move to the levels of 655 to 660 where upward sloping trend-line resistance and 100 & 200 Daily SMA for the stock are positioned.

Broad range for the stock is seen in the range of 600 – 610 on downside to 645 – 650 on upside.