EquityPandit’s Outlook for Cipla for week (July 27, 2015 – July 31, 2015):

CIPLA:

CIPLA closed the week on negative note losing around 1%.

As we have mentioned last week that the next resistance for the stock lies in the zone of 700 to 720 levels where lower end of upward moving channel is positioned. The stock hit a high of 691 during the week and sold off to the levels of 660 before recovering to the levels of 678.

The stock has formed a Shooting star pattern on 24/07/2015, so stock has to move above the levels of 686 for uptrend to resume.

Support for the stock lies in the zone of 660 where 100 Daily SMA is lying. Below which the stock can drift to the levels of 650 where 200 Daily SMA is lying.

Resistance for the stock lies in the zone of 690 to 700.

Broad range for the stock is seen in the range of 640 – 660 on downside to 700 – 720 on upside.