EquityPandit’s Outlook for Cipla for the week (May 02, 2016 – May 06, 2016):

CIPLA:

CIPLA closed the week on positive note gaining around 1.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 540 to 550 where the stock has formed a medium term top. If the stock manages to close above these levels then the stock can move to the levels of 570 to 590 where 100 & 500 Daily SMA is lying. During the week the stock manages to hit a high of 544 and close the week around the levels of 537.

Support for the stock is lying around the levels of 520 to 525 where short term moving averages and short term top is positioned. If the stock manages to close below these 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 545 to 550 where the stock has formed a medium term top. If the stock manages to close above these levels then the stock can move to the levels of 570 to 590 where 100 & 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 515 – 520 on downside to 555 – 560 on upside.