EquityPandit’s Outlook for Cipla for the week  (June 12, 2017 – June 16, 2017) :

CIPLA:

CIPLA closed the week on positive note gaining around 4.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 556 and close the week around the levels of 551.

Minor support for the stock lies in the zone of 535 to 540. 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.

Resistance for the stock lies in the zone of 555 to 560 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 570 to 575 where medium term and long term moving averages are lying.

Broad range for the stock is seen in the range of 520 – 525 on downside & 570 – 575 on upside.