EquityPandit’s Outlook for Cipla for the week  (May 07, 2018 – May 11, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 0.50%.

As we have mentioned last week, that resistance for the stock lies in the zone of 600 to 610 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 620 to 630 where the stock has formed a double top in the month of January-2018 and February-2018. During the week the stock manages to hit a high of 622 and close the week around the levels of 597.

Minor support for the stock lies in the zone of 585 to 590. Support for the stock lies in the zone of 565 to 570 where short term moving averages and break out levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 550 to 555 where break out levels are lying.

Resistance for the stock lies in the zone of 600 to 610 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 620 to 630 where the stock has formed a double top in the month of January-2018 and February-2018.

Broad range for the stock is seen in the range of 570 – 575 on downside & 620 – 625 on upside.