EquityPandit’s Outlook for Cipla for the week (September 19, 2016 – September 23, 2016) :

CIPLA:

CIPLA closed the week on positive note gaining around 2.20%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 562 and close the week around the levels of 594.

Minor support for the stock lies in the zone of 570 to 575. 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.

Resistance for the stock lies in the zone of 595 to 600 where the stock has made a short term top. If the stock manages to close above these levels then the stock can move to the levels of 610 to 615 where 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 570 – 575 on downside to 610 – 615 on upside.