EquityPandit’s Outlook for Cipla for the week  (Apr 02, 2018 – Apr 06, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 3.70%.

As we have mentioned last week, that resistance for the stock lies in the zone of 550 to 555 from where the stock broke down from the low of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 580 to 585 where long term moving averages are lying. During the week the stock manages to hit a high of 549 and close the week around the levels of 545.

Minor support for the stock lies in the zone of 530 to 535. Support for the stock lies in the zone of 520 to 525 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 480 to 485 where the stock has formed a bottom in the month of November-2016 and May-2017.

Resistance for the stock lies in the zone of 550 to 555 from where the stock broke down from the low of February-2018. If the stock manages to close above these levels then the stock can move to the levels of 580 to 585 where long term moving averages are lying.

Broad range for the stock is seen in the range of 520 – 525 on downside & 560 – 565 on upside.