EquityPandit’s Outlook for Cipla for the week (May 30, 2016 – June 03, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 6.60%.

As we have mentioned last week that support for the stock lies in the zone of 480 to 490 where 1000 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 450. During the week the stock manages to hit a low of 457 and close the week around the levels of 473.

Support for the stock lies in the zone of 450 from where the stock has broken out of the multi month consolidation in the month of Aug – 2014. If the stock manages to close below these levels then the stock can drift to the levels of 400 to 410.

Resistance for the stock lies in the zone of 480 to 490 where the stock has opened gap down on 25/05/2016. If the stock manages to close above these levels then the stock can move to the levels 520 where short term moving averages are lying.

Broad range for the stock is seen in the range of 450 – 455 on downside to 500 – 510 on upside.