EquityPandit’s Outlook for Cipla for the week  (June 05, 2017 – June 09, 2017) :

CIPLA:

CIPLA closed the week on positive note gaining around 8.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 498 to 502. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520 where Fibonacci levels are lying. During the week the stock manages to hit a high of 534 and close the week around the levels of 530.

Support for the stock lies in the zone of 515 to 520 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 500 to 505.

Minor resistance for the stock lies in the zone of 535 to 538. Resistance for the stock lies in the zone of 542 to 545 from where the stock broke down from double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 555 to 560 where short term moving averages are lying.

Broad range for the stock is seen in the range of 500 – 505 on downside & 550 – 555 on upside.