EquityPandit’s Outlook for Cipla for the week  (Oct 15, 2018 – Oct 19, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 2.20%.

As we have mentioned last week, that minor resistance for the stock lies around 645 to 650. Resistance for the stock lies in the zone of 670 to 680 where the stock has formed a high in the month of August-2018 and September-2018. If the stock manages to close above these levels then the stock can move to the levels of 700 to 710. During the week the stock manages to hit a high of 651 and close the week around the levels of 623.

Support for the stock lies in the zone of 600 to 610 where long term moving averages and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 570 to 580 where Fibonacci levels are lying.

Minor resistance for the stock lies around 630 to 635. Resistance for the stock lies in the zone of 645 to 650 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 670 to 680 where the stock has formed a high in the month of August-2018 and September-2018.

Broad range for the stock is seen in the range of 590 – 600 on downside & 650 – 660 on upside.