EquityPandit’s Outlook for Cipla for the week  (May 14, 2018 – May 18, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 3.90%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 565 and close the week around the levels of 574.

Support for the stock lies in the zone of 565 to 570 where Fibonacci levels 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 Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 580 to 583. Resistance for the stock lies in the zone of 590 to 600 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 550 – 555 on downside & 600 – 605 on upside.