EquityPandit’s Outlook for Cipla for the week (January 16, 2017 – January 20, 2017) :

CIPLA:

CIPLA closed the week on absolutely flat note.

As we have mentioned last week that resistance for the stock lies in the zone of 585 to 590 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 600 to 610 where the highs of October-2016 and September-2016 is lying. During the week the stock manages to hit a high of 589 and close the week around the levels of 583.

Minor support for the stock lies in the zone of 574 to 576. Support for the stock lies in the zone of 560 to 565 from where the stock has broken out on the intra-day basis and short term moving averages are lying. Support for the stock lies in the zone of 530 to 540 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 500 to 510 where the stock has formed a bottom in the month of July – 2016 and August – 2016.

Resistance for the stock lies in the zone of 585 to 590 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 600 to 610 where the highs of October-2016 and September-2016 is lying.

Broad range for the stock is seen in the range of 565 – 570 on downside to 600 – 605 on upside.