EquityPandit’s Outlook for Cipla for the week (September 21, 2015 – September 25, 2015):
CIPLA closed the week on absolutely flat note.
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.
During the week the stock traded in the tight range of 650 on downside to 665 on upside.
If the stock breaks below the levels of 650 on closing basis then the stock can drift to the strong support 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.