EquityPandit’s Outlook for Cipla for the week  (Sep 24, 2018 – Sep 28, 2018) : 

CIPLA:

CIPLA closed the week on negative note losing around 2.00%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 638 and close the week around the levels of 653.

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 620 – 630 on downside & 680 – 690 on upside.