EquityPandit’s Outlook for Cipla for the week  ( Jan 08, 2018 – Jan 12, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 1.00%.

As we have mentioned last week, that support for the stock lies in the zone of 590 to 595 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 570 to 575 where 200 daily moving averages are lying. During the week the stock manages to hit a low of 603 and close the week around the levels of 615.

Support for the stock lies in the zone of 600 to 605 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 590 to 595 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 625 to 630 where the stock has formed a double top. If the stock manages to close above these levels then the stock can move to the levels of 645 to 650.

Broad range for the stock is seen in the range of 580 – 585 on downside & 640 – 645 on upside.