EquityPandit’s Outlook for Cipla for the week  (Oct 30, 2017 – Oct 03, 2017) :

CIPLA:

CIPLA closed the week on positive note gaining around 2.80%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 589 and close the week around the levels of 625.

Support for the stock lies in the zone of 605 to 610 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 560 to 565 where 200 daily moving averages are lying.

Resistance for the stock lies in the zone of 625 to 635 where the stock has formed a top in the month of September-2016 and March-2017. If the stock manages to close above these levels then the stock can move to the levels of 660 to 665 from where the stock has broken down in January-2016.

Broad range for the stock is seen in the range of 590 – 600 on downside & 650 – 655 on upside.