EquityPandit’s Outlook for Cipla for the week  (Oct 16, 2017 – Oct 19, 2017) :

CIPLA:

CIPLA closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that minor support for the stock lies in the zone of 575 to 580. Support for the stock lies in the zone of 560 to 565 where 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 545 to 550 where the stock has taken multiple support. During the week the stock manages to hit a low of 578 and close the week around the levels of 593.

Minor support for the stock lies in the zone of 575 to 580. Support for the stock lies in the zone of 560 to 565 where 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 545 to 550 where the stock has taken multiple support.

Minor resistance for the stock lies in the zone of 595 to 600. Resistance for the stock lies in the zone of 605 to 610 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 620 to 625 where the stock has formed a top in the month of September-2016 and March-2017.

Broad range for the stock is seen in the range of 560 – 565 on downside & 620 – 625 on upside.