Signals, Powered By EquityPandit
CIPLA Weekly Outlook and Analysis:
For the Week: (Aug 10,2020 – Aug 14,2020)
BSE: 500087| NSE: CIPLA| ISIN: INE059A01026| SECTOR: PHARMA
Stock closed the week on positive note gaining +1.18%
Cipla Share Price: 728.65 (NSE)
Week High: 739.70
Week Low: 701.00
Week Range: 38.70 points
Weekly Support & Resistance For Cipla Ltd.
| RESISTANCE 2 | 760.00 |
| RESISTANCE 1 | 740.00 |
| SUPPORT 1 | 691.00 |
| SUPPORT 2 | 669.00 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 691 levels, Minor resistance on the upside is capped around 740 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 669 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 760.
Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit predicts range for the week as 760 on upside and 665 on downside.
On daily chart of Cipla Limited there is a channel is formation. The stock is revolving between the channel. Price is currently near the channel resistance as marked on the chart. Once stock closes above the channel resistance we can see huge short covering in the stock.
