EquityPandit’s Outlook for Cipla for week (August 10, 2015 – August 14, 2015):
CIPLA closed the week on positive note gaining around 1%.
As we have mentioned last week that 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. During the week the stock hit a high of 731 but could not sustain and sold off to the levels of 716.
If the stock manages to close above the levels of 731 the stock can move to the levels of 750.
Support for the stock lies in the zone of 700 to 705 where short term moving averages and trend-line support are lying.
Resistance for the stock lies in the zone of 720 to 730.
Broad range for the stock is seen in the range of 690 – 700 on downside to 720 – 740 on upside.