EquityPandit’s Outlook for Cipla for the week (February 15, 2016 – February 19, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 7.30%.

As we have mentioned last week that resistance for the stock lies in the zone 580 where 500 Daily SMA is lying. If the stock closes above this levels then the stock can move to the levels of 600 from where the stock has broken down from the short term bottom. During the week the stock manages to hit a high of 575 and sold off to close the week around the levels of 528.

Minor support for the stock is lying around the levels of 517. If the stock manages to close below this levels then the stock can drift to the levels of 480 where 1000 Daily SMA and 200 Weekly SMA is lying.

Resistance for the stock lies in the zone of 540 from where the stock has broken down from the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 580 where 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 500 – 505 on downside to 545 – 550 on upside.