EquityPandit’s Outlook for Cipla for the week (October 24, 2016 – October 28, 2016) :

CIPLA:

CIPLA closed the week on negative note losing around 0.60%.

As we have mentioned last week that support for the stock lies in the zone of 565 to 570 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 545 to 550 from where the stock broken out of the double top pattern and 200 Daily SMA is lying. During the week the stock manages to hit a low of 570 and close the week around the levels of 583.

Support for the stock lies in the zone of 565 to 570 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 545 to 550 from where the stock broken out of the double top pattern and 200 Daily SMA is lying.

Minor resistance for the stock lies in the zone of 595 to 600. 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 560 – 565 on downside to 600 – 605 on upside.