EquityPandit’s Outlook for Cipla for the week  (May 02, 2017 – May 05, 2017) :

CIPLA:

CIPLA closed the week on negative note losing around 1.20%.

As we have mentioned last week that support for the stock lies in the zone of 560 to 565 where the stock has taken multiple support in the month of January-2017 & February-2017. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where the stock has taken support in the month of December-2016. During the week the stock manages to hit a low of 545 and close the week around the levels of 557.

Support for the stock lies in the zone of 550 to 555 where the stock has taken support in the month of December-2016. If the stock manages to close below these levels then the stock can drift to the levels of 520 to 530 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 560 to 565. Resistance for the stock lies in the zone of 571 to 574 where 200 Daily moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 582 to 585 from where the stock broke down and short & medium term moving averages are lying.

Broad range for the stock is seen in the range of 530 – 535 on downside & 570 – 575 on upside.