EquityPandit’s Outlook for Cipla for the week (August 22, 2016 – August 26, 2016):

CIPLA:

CIPLA closed the week on positive note gaining around 7.90%.

As we have mentioned last week that support for the stock lies in the zone of 510 to 515 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500. During the week the stock manages to hit a low of 510 and close the week around the levels of 557.

Support for the stock lies in the zone of 538 to 540 from where the stock broke out of the short term top. If the stock manages to close below these levels then the stock can drift to the levels of 515 to 520 where short term and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 564. Resistance for the stock lies in the zone of 575 to 580. If the stock manages to close above these levels then the stock can move to the levels of 600 to 610 where 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 545 – 548 on downside to 570 – 575 on upside.