EquityPandit’s Outlook for Cipla for the week  (Jan 22, 2018 – Jan 25, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 1.50%.

As we have mentioned last week, that support for the stock lies in the zone of 600 to 605 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 590 to 595 where medium term moving averages are lying. During the week the stock manages to hit a low of 597 and close the week around the levels of 603.

Support for the stock lies in the zone of 595 to 600 where break out levels and medium term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 570 to 575 where low for the month of December-2017 and long term moving averages are lying.

Minor resistance for the stock lies in the zone of 610 to 615. Resistance for the stock lies in the zone of 625 to 630 where the stock has formed a double top. If the stock manages to close above these levels then the stock can move to the levels of 645 to 650.

Broad range for the stock is seen in the range of 570 – 575 on downside & 630 – 635 on upside.