EquityPandit’s Outlook for Cipla for the week  (Aug 20, 2018 – Aug 24, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 4.20%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 660 and close the week around the levels of 647.

Minor support for the stock lies around 620 to 630. 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 610 – 620 on downside & 670 – 680 on upside.