EquityPandit’s Outlook for Cipla for the week  (June 18, 2018 – June 22, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 9.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 565 to 570 where Fibonacci levels and 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 585 to 590 where long term moving averages are lying. During the week the stock manages to hit a high of 615 and close the week around the levels of 612.

Support for the stock lies in the zone of 585 to 590 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 565 to 570 where Fibonacci levels and short & medium term moving averages are lying.

Resistance for the stock lies in the zone of 625 to 635 where the stock has formed a high in the month of February-2018 and May-2018. If the stock manages to close above these levels then the stock can move to the levels of 655 to 665 where the stock has formed a high in the month of November-2017.

Broad range for the stock is seen in the range of 570 – 580 on downside & 655 – 665 on upside.