EquityPandit’s Outlook for Cipla for the week (October 03, 2016 – October 07, 2016) :

CIPLA:

CIPLA closed the week on negative note losing around 5.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 610 to 615 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has sold off in the month of December – 2015. During the week the stock manages to hit a high of 615 and close the week around the levels of 580.

Support for the stock lies in the zone of 560 to 565 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 538 to 540 from where the stock broken out of the short term top and 200 Daily SMA is lying.

Minor resistance for the stock lies in the zone of 585 to 590. Resistance for the stock lies in the zone of 610 to 615 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 650 to 660 from where the stock has sold off in the month of December – 2015.

Broad range for the stock is seen in the range of 555 – 560 on downside to 600 – 615 on upside.