EquityPandit’s Outlook for Cipla for the week (November 16, 2015 – November 20, 2015):

CIPLA:

CIPLA closed the week on negative note losing around 6.0%.

As we have mentioned last week that support for the stock lies in the zone of 650. If the stock closes below this levels then the stock can drift to the levels of 620 where trend-line support for the stock is lying. During the week the stock manages to hit a low of 615 and virtually close the week around the lowest levels.

Support for the stock lies in the zone of 618 where trend-line support for the stock is lying. If the stock closes below this levels then the stock can drift to the levels of 560 to 580 where 500 Daily & 100 Weekly SMA are positioned.

Resistance for the stock lies in the zone of 645 where upward sloping trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 665 where 100 & 200 Daily SMA are positioned.

Broad range for the stock is seen in the range of 600 – 610 on downside to 640 – 645 on upside.