EquityPandit’s Outlook for Cipla for the week (January 18, 2016 – January 22, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 2.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 596 and bounce to close the week around the levels of 609.

Support for the stock lies in the zone of 580 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 540.

Resistance 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 move to the levels of 645 to 650 where short term moving averages are lying.

Broad range for the stock is seen in the range of 570 – 580 on downside to 625 – 635 on upside.