EquityPandit’s Outlook for Cipla for the week  (April 17, 2017 – April 21, 2017) :

CIPLA:

CIPLA closed the week on negative note losing around 2.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 585 to 587. Support for the stock lies in the zone of 575 to 580 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where 200 Daily SMA is lying. During the week the stock manages to hit a low of 571 and close the week around the levels of 577.

Support for the stock lies in the zone of 565 to 570 where the stock has taken multiple support in the month of February-2017 and 200 Daily MA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where the stock has taken support in the month of December-2016.

Minor resistance for the stock lies in the zone of 580 to 585. Resistance for the stock lies in the zone of 592 to 595 from where the stock broke down and short term MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 605 to 610 where the highs of October-2016 and September-2016 is lying.

Broad range for the stock is seen in the range of 550 – 555 on downside & 600 – 605 on upside.