EquityPandit’s Outlook for Cipla for the week  (Mar 12, 2018 – Mar 16, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 1.80%.

As we have mentioned last week, that support for the stock lies in the zone of 570 to 575 where long term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 550 to 555 where the stock has formed a bottom in the month of February-2018. During the week the stock manages to hit a low of 568 and close the week around the levels of 571.

Support for the stock lies in the zone of 550 to 555 where the stock has formed a bottom in the month of February-2018. If the stock manages to close below these levels then the stock can move to the levels of 520 to 525 where long term Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 580 to 585. Resistance for the stock lies in the zone of 595 to 605 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 625 to 630 where the stock has formed a double top.

Broad range for the stock is seen in the range of 550 – 555 on downside & 610 – 615 on upside.