EquityPandit’s Outlook for Cipla for the week  (Jan 14, 2019 – Jan 18, 2019) : 

CIPLA:

CIPLA closed the week on negative note losing around 0.60%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 507 and close the week around the levels of 510.

Support for the stock lies in the zone of 500 to 505 where low for the month of May-2018 and December-2018 is lying. If the stock manages to close below these levels then the stock can move to the levels of around 480 to 485 where long term Fibonacci levels are 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 480 – 490 on downside & 530 – 540 on upside.