EquityPandit’s Outlook for Cipla for the week  (July 30, 2018 – Aug 03, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that minor support for the stock lies around 600 to 610. 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. During the week the stock manages to hit a low of 613 and close the week around the levels of 636.

Minor support for the stock lies around 600 to 610. 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 640 to 650 where the stock has formed a high in the month of July-2018. If the stock manages to close above these levels then the stock can move to the levels of 660 to 670 where the stock has formed a high in the month of November-2017.

Broad range for the stock is seen in the range of 600 – 610 on downside & 655 – 665 on upside.