EquityPandit’s Outlook for Cipla for the week  (Jan 07, 2019 – Jan 11, 2019) : 

CIPLA:

CIPLA closed the week on negative note losing around 1.70%.

As we have mentioned last week, that minor resistance for the stock lies around 525 to 530. Resistance for the stock lies in the zone of 550 to 560 where Fibonacci levels and gap are lying. If the stock manages to close above these levels then the stock can move to the levels of 575 to 580 where Fibonacci levels are lying. During the week the stock manages to hit a high of 526 and close the week around the levels of 513.

Support for the stock lies in the zone of 510 to 515 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of around 500 to 505 where low for the month of May-2018 is lying.

Minor resistance for the stock lies around 525 to 530. Resistance for the stock lies in the zone of 550 to 560 where Fibonacci levels and gap are lying. If the stock manages to close above these levels then the stock can move to the levels of 575 to 580 where Fibonacci levels are lying.

Broad range for the stock is seen in the range of 490 – 500 on downside & 530 – 540 on upside.