EquityPandit’s Outlook for Cipla for the week (December 28, 2015 – January 01, 2016):

CIPLA:

CIPLA closed the week on positive note gaining around 1.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 650 where short term moving averages and upward sloping trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 665 where 100 & 200 Daily SMA are positioned. During the week the stock manages to hit a high of 654 and close the week around the levels of 648.

Support for the stock lies in the zone of 620 where trend-line support for the stock is positioned. If the stock closes below this levels then the stock can drift to the levels of 570 where 500 Daily SMA and 100 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 655 to 660 where upward sloping trend-line resistance and 100 & 200 Daily SMA for the stock are positioned. If the stock closes above this levels then the stock can move to the levels of 680 to 700 from where the stock has sold off in the month of October – 2015.

Broad range for the stock is seen in the range of 620 – 625 on downside to 655 – 660 on upside.