EquityPandit’s Outlook for Cipla for the week (August 17, 2015 – August 21, 2015):

CIPLA:

CIPLA closed the week on positive note gaining more than 3%.

As we have mentioned last week that the stock is trading around the strong resistance zone of 720 where trend-line joining highs and lower end of upward moving channel are positioned. If the stock manages to close above the levels of 720 the stock can move to the levels of 750 and the stock hit a high of 742 during the week.

The stock is approaching towards the strong resistance zone of 750 to 755 where earlier highs of the stock is lying. If the stock manages to close above the levels of 755 the stock can move to the levels of 770.

Support for the stock lies in the zone of 710 to 720 where short term moving averages and trend-line support are lying.

Resistance for the stock lies in the zone of 750 to 760.

Broad range for the stock is seen in the range of 700 – 710 on downside to 750 – 760 on upside.