EquityPandit’s Outlook for Cipla for the week (November 02, 2015 – November 06, 2015):

CIPLA:

CIPLA closed the week on positive note gaining around 1.2%.

As we have mentioned last week that stock can face minor resistance around the zone of 700 where trend-line resistance for the stock is lying. If the stock manages to close above the levels of 710 then the stock can move to the levels of 740 where trend-line joining earlier highs is positioned. During the week the stock manages to hit a high of 705 and retraced to close the week around the levels of 690.

Support for the stock lies in the range of 660 to 670 where 100 & 200 Daily SMA are positioned. If the stock closes below the levels of 650 then the stock can drift to the levels of 630 where trend-line support for the stock is lying.

Stock can face minor resistance around the zone of 700 where trend-line resistance for the stock is lying. If the stock manages to close above the levels of 710 then the stock can move to the levels of 740 where trend-line joining earlier highs is positioned.

Broad range for the stock is seen in the range of 660 – 670 on downside to 720 – 730 on upside.