EquityPandit’s Outlook for Cipla for the week (July 18, 2016 – July 18, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 0.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 520 to 530 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 550 from where the stock has corrected in the month of March – 2016 and May – 2016. During the week the stock manages to hit a high of 528 and close the week around the levels of 516.

Support for the stock lies in the zone of 492 to 495 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 480.

Resistance for the stock lies in the zone of 520 to 530 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 550 from where the stock has corrected in the month of March – 2016 and May – 2016.

Broad range for the stock is seen in the range of 490 – 495 on downside to 535 – 540 on upside.