EquityPandit’s Outlook for Cipla for the week  (May 28, 2018 – June 01, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 0.70%.

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 April-2018 lows and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 570 where Fibonacci levels and short term moving averages are lying. During the week the stock manages to hit a high of 565 and close the week around the levels of 537.

Support for the stock lies in the zone of 520 to 525 where Fibonacci levels and lows for the month of March-2018 is lying. If the stock manages to close below these levels then the stock can move to the levels of 500 to 505.

Resistance for the stock lies in the zone of 550 to 555 from where the stock broke down from April-2018 lows and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 570 where Fibonacci levels and short term moving averages are lying.

Broad range for the stock is seen in the range of 500 – 505 on downside & 560 – 565 on upside.