EquityPandit’s Outlook for Cipla for the week  (Aug 14, 2017 – Aug 18, 2017) :

CIPLA:

CIPLA closed the week on negative note losing around 4.80%.

As we have mentioned last week, that resistance for the stock lies in the zone of 570 to 575 where long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 585 to 590. During the week the stock manages to hit a high of 581 and close the week around the levels of 541.

Support for the stock lies in the zone of 530 to 535 where the stock has formed a low for the month of July-2017. If the stock manages to close below these levels then the stock can move to the levels of 518 to 522 where Fibonacci level is lying.

Resistance for the stock lies in the zone of 550 to 555 where short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 570 to 575 where long term moving averages are lying.

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