EquityPandit’s Outlook for Cipla for the week (June 20, 2016 – June 24, 2016):

CIPLA:

CIPLA closed the week on positive note gaining around 2.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 480 to 490 where the stock has opened gap down on 25/05/2016. If the stock manages to close above these levels then the stock can move to the levels 520 where short term moving averages are lying. During the week the stock manages to hit a high of 493 and close the week around the levels of 486.

Minor support for the stock lies in the zone of 480. Support for the stock lies in the zone of 450 to 460 from where the stock has broken out of the multi month consolidation in the month of Aug – 2014. If the stock manages to close below these levels then the stock can drift to the levels of 400 to 410.

Resistance for the stock lies in the zone of 495 to 500 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 520 to 530 where 100 Daily SMA is lying.

Broad range for the stock is seen in the range of 460 – 465 on downside to 510 – 515 on upside.