EquityPandit’s Outlook for Cipla for the week  (June 11, 2018 – June 15, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 6.70%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 535 to 540. Resistance for the stock lies in the zone of 550 to 555 from where the stock broke down from April-2018 lows and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 570 where Fibonacci levels and short term moving averages are lying. During the week the stock manages to hit a high of 562 and close the week around the levels of 560.

Minor support for the stock lies in the zone of 545 to 550. Support for the stock lies in the zone of 520 to 525 where Fibonacci levels and lows for the month of March-2018 and May-2018 is lying. If the stock manages to close below these levels then the stock can move to the levels of 500 to 505.

Resistance for the stock lies in the zone of 565 to 570 where Fibonacci levels and short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 585 to 590 where long term moving averages are lying.

Broad range for the stock is seen in the range of 520 – 525 on downside & 585 – 590 on upside.