EquityPandit’s Outlook for Cipla for the week (March 08, 2016 – March 11, 2016):

CIPLA:

CIPLA closed the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 540 from where the stock has broken down from the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 580 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 546 and close the week around the levels of 537.

Minor support for the stock is lying around the levels of 505 to 510. If the stock manages to close below this levels then the stock can drift to the levels of 480 where 1000 Daily SMA and 200 Weekly SMA is lying.

Resistance for the stock lies in the zone of 540 from where the stock has broken down from the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 580 where 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 510 – 515 on downside to 560 – 565 on upside.