EquityPandit’s Outlook for Cipla for the week  (Feb 4, 2019 – Feb 8, 2019) : 

CIPLA:

CIPLA closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 484 and close the week around 521.

Minor support for the stock lies around 510 to 515. 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.

Resistance for the stock lies in the zone of 525 to 530 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 550 to 560 where Fibonacci levels and gap are lying.

Broad range for the stock is seen in the range of 500 – 505 on downside & 540 – 550 on upside.