EquityPandit’s Outlook for Cipla for the week (May 23, 2016 – May 27, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 4.60%.

As we have mentioned last week that support for the stock is lying around the levels of 520 to 525 where short term top is positioned. If the stock manages to close below these levels then the stock can drift to the levels of 480 to 490 where 1000 Daily SMA and 200 Weekly SMA is lying. During the week the stock manages to hit a low of 501 and close the week around the levels of 507.

Support for the stock lies in the zone of 480 to 490 where 1000 Daily SMA and 200 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 450.

Minor resistance for the stock lies in the zone of 520. Resistance for the stock lies in the zone of 545 to 550 where the stock has formed a medium term top. If the stock manages to close above these levels then the stock can move to the levels of 570 to 590 where 100 & 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 485 – 490 on downside to 525 – 530 on upside.