EquityPandit’s Outlook for Cipla for the week  (Oct 23, 2017 – Oct 27, 2017) :

CIPLA:

CIPLA closed the week on positive note gaining around 2.50%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 595 to 600. Resistance for the stock lies in the zone of 605 to 610 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 620 to 625 where the stock has formed a top in the month of September-2016 and March-2017. During the week the stock manages to hit a high of 636 and close the week around the levels of 608.

Minor support for the stock lies in the zone of 585 to 590. Support for the stock lies in the zone of 560 to 565 where 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 545 to 550 where the stock has taken multiple support.

Resistance for the stock lies in the zone of 605 to 610 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 625 to 635 where the stock has formed a top in the month of September-2016 and March-2017.

Broad range for the stock is seen in the range of 580 – 585 on downside & 630 – 635 on upside.