EquityPandit’s Outlook for Cipla for the week  (May 22, 2017 – May 26, 2017) :

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 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 580 to 582 from where the stock broke down and short & medium term moving averages are lying. During the week the stock manages to hit a high of 572 and close the week around the levels of 565.

Minor support for the stock lies in the zone of 560 to 563. 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.

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 580 to 582 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 545 – 550 on downside & 580 – 585 on upside.