EquityPandit’s Outlook for Cipla for the week (November 28, 2016 – December 02, 2016) :

CIPLA:

CIPLA closed the week on positive note gaining around 2.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 542 and close the week around the levels of 570.

Minor support for the stock lies in the zone of 552 to 555. 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.

The stock has closed around the resistance 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 545 – 550 on downside to 580 – 585 on upside.