EquityPandit’s Outlook for Cipla for the week (March 14, 2016 – March 18, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 0.60%.

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 549 and close the week around the levels of 535.

Minor support for the stock is lying around the levels of 515 to 520. 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 570 to 580 where short term moving averages and 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.