EquityPandit’s Outlook for Cipla for the week (November 07, 2016 – November 11, 2016) :

CIPLA:

CIPLA closed the week on negative note losing around 5.90%.

As we have mentioned last week that support for the stock lies in the zone of 568 to 572 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 545 to 550 from where the stock broken out of the double top pattern and 200 Daily SMA is lying. During the week the stock manages to hit a low of 538 and close the week around the levels of 545.

Support for the stock lies in the zone of 530 to 540 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 510 where the stock has formed a bottom in the month of July – 2016 and August – 2016.

Resistance for the stock lies in the zone of 560 to 565 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 575 to 580 from where the stock has broken down.

Broad range for the stock is seen in the range of 520 – 525 on downside to 565 – 570 on upside.