EquityPandit’s Outlook for Cipla for the week (February 08, 2016 – February 12, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 2.20%.

As we have mentioned last week that support for the stock lies in the zone of 580 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 540. During the week the stock manages to hit a low of 540 and close the week around the levels of 572.

Minor support for the stock lies in the zone of 560. If the stock closes below this levels then the stock can drift to the levels of 540 where the stock has formed a short term bottom.

Resistance for the stock lies in the zone 580 where 500 Daily SMA is lying. If the stock closes above this levels then the stock can move to the levels of 600 from where the stock has broken down from the short term bottom.

Broad range for the stock is seen in the range of 540 – 545 on downside to 585 – 590 on upside.