EquityPandit’s Outlook for Cipla for the week (September 14, 2015 – September 18, 2015):
CIPLA closed the week on absolutely flat note losing close to 0.5%.
As we have mentioned last week that the stock is trading below the strong support zone of 660 where 100 and 200 Daily SMA are positioned. If the stock breaks below the levels of 660 the stock can drift to the levels of 620 where long term support for the stock is lying and the stock manages to hit a low of 623 during the week and bounced back to close the week around the levels of 653.
Support for the stock lies in the zone of 620 to 630. If the stock moves below the levels of 620 on closing basis the stock can drift to the levels of 580.
Resistance for the stock lies in the zone of 660 to 670 where short term moving averages are positioned above which the stock can move to the levels of 680 to 700.
Broad range for the stock is seen in the range of 620 – 630 on downside to 680 – 700 on upside.