EquityPandit’s Outlook for Cipla for the week (April 04, 2016 – April 08, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 3.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 540 from where the stock has broken down from the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 550 to 570 where short term moving averages and 500 Daily SMA is lying. During the week the stock manages to hit a high of 537 and sold off to close the week around the levels of 514.

Minor support for the stock is lying around the levels of 500 to 510. If the stock manages to close below this levels then the stock can drift to the levels of 480 where 1000 Daily SMA and 200 Weekly SMA is lying.

Resistance for the stock lies in the zone of 540 from where the stock has broken down from the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 550 to 570 where short term moving averages and 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 480 – 485 on downside to 540 – 545 on upside.