EquityPandit’s Outlook for Cipla for the week  (Oct 22, 2018 – Oct 26, 2018) : 

CIPLA:

CIPLA closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that minor resistance for the stock lies around 630 to 635. Resistance for the stock lies in the zone of 645 to 650 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 670 to 680 where the stock has formed a high in the month of August-2018 and September-2018. During the week the stock manages to hit a high of 652 and close the week around the levels of 634.

Minor resistance for the stock lies around 625 to 630. Support for the stock lies in the zone of 600 to 610 where long term moving averages and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 570 to 580 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 645 to 650 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 670 to 680 where the stock has formed a high in the month of August-2018 and September-2018.

Broad range for the stock is seen in the range of 600 – 610 on downside & 660 – 670 on upside.