EquityPandit’s Outlook for Cipla for week (August 03, 2015 – August 07, 2015):
CIPLA closed the week on negative note losing around 1%.
As we have been mentioning since last 2 weeks that if the stock manages to cross above the levels of 691 the stock can move to the levels of 720 and the stock hit the high of 724 during the week before ending the week at around 709.
The stock is trading around the strong resistance zone of 720 where trend-line joining highs and lower end of upward moving channel are positioned.
If the stock manages to close above the levels of 720 the stock can move to the levels of 750.
Support for the stock lies in the zone of 660 to 680 where short term moving averages and 100 Daily SMA is lying. Below which the stock can drift to the levels of 650 where 200 Daily SMA is lying.
Resistance for the stock lies in the zone of 720 to 730.
Broad range for the stock is seen in the range of 660 – 680 on downside to 720 – 740 on upside.