EquityPandit’s Outlook for Cipla for the week  (Sep 03, 2018 – Sep 07, 2018) : 

CIPLA:

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

As we have mentioned last week, that resistance for the stock lies in the zone of 660 to 670 where the stock has formed a high in the month of November-2017. If the stock manages to close above these levels then the stock can move to the levels of 680 to 690. During the week the stock manages to hit a high of 678 and close the week around the levels of 662.

Minor support for the stock lies around 640 to 650. Support for the stock lies in the zone of 600 to 610 where medium 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 585 to 590 where break out levels and long term moving averages are lying.

Resistance for the stock lies in the zone of 670 to 680 where the stock has formed a high in the month of August-2018. If the stock manages to close above these levels then the stock can move to the levels of 700 to 710.

Broad range for the stock is seen in the range of 630 – 640 on downside & 680 – 690 on upside.