EquityPandit’s Outlook for Cipla for the week (September 06, 2016 – September 09, 2016) :

CIPLA:

CIPLA closed the week on positive note gaining around 1.90%.

As we have mentioned last week that resistance for the stock lies in the zone of 575 to 580. If the stock manages to close above these levels then the stock can move to the levels of 600 to 610 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 587 and close the week around the levels of 578.

Minor support for the stock lies in the zone of 560 to 565. Support for the stock lies in the zone of 548 to 551 where 200 Daily SMA is 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.

Minor resistance for the stock lies in the zone of 588 to 590. If the stock manages to close above these levels then the stock can move to the levels of 600 to 610 where 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 558 – 562 on downside to 590 – 595 on upside.