EquityPandit’s Outlook for Cipla for the week  (May 21, 2018 – May 25, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 7.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 593 and close the week around the levels of 533.

Support for the stock lies in the zone of 520 to 525 where Fibonacci levels and lows for the month of March-2018 is lying. If the stock manages to close below these levels then the stock can move to the levels of 500 to 505.

Resistance for the stock lies in the zone of 550 to 555 from where the stock broke down from April-2018 lows and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 565 to 570 where Fibonacci levels and short term moving averages are lying.

Broad range for the stock is seen in the range of 550 – 555 on downside & 600 – 605 on upside.