EquityPandit’s Outlook for Cipla for the week (September 26, 2016 – September 30, 2016) :

CIPLA:

CIPLA closed the week on positive note gaining around 3.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 618 and close the week around the levels of 611.

Minor support for the stock lies in the zone of 595 to 600. Support for the stock lies in the zone of 575 to 580. Support for the stock lies in the zone of 558 to 562 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 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 580 – 585 on downside to 620 – 625 on upside.