EquityPandit’s Outlook for Cipla for the week  (Aug 13, 2018 – Aug 17, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 3.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 640 to 650 where the stock has formed a high in the month of July-2018. If the stock manages to close above these levels then the stock can move to the levels of 660 to 670 where the stock has formed a high in the month of November-2017. During the week the stock manages to hit a high of 662 and close the week around the levels of 621.

Minor support for the stock lies around 610 to 620. Support for the stock lies in the zone of 585 to 590 where long term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 565 to 570 where Fibonacci levels and short & medium term moving averages are lying.

Resistance for the stock lies in the zone of 640 to 650 where the stock has formed a high in the month of July-2018. If the stock manages to close above these levels then the stock can move to the levels of 660 to 670 where the stock has formed a high in the month of November-2017.

Broad range for the stock is seen in the range of 590 – 600 on downside & 650 – 660 on upside.