EquityPandit’s Outlook for Cipla for the week (April 11, 2016 – April 13, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 2.00%.

As we have mentioned last week that minor support for the stock is lying around the levels of 500 to 510. If the stock manages to close below these levels then the stock can drift to the levels of 480 where 1000 Daily SMA and 200 Weekly SMA is lying. During the week the stock manages to hit a low of 497 and close the week around the levels of 505.

Minor support for the stock is lying around the levels of 495 to 500. If the stock manages to close below these levels then the stock can drift to the levels of 480 where 1000 Daily SMA and 200 Weekly SMA is lying.

Minor resistance for the stock lies in the zone of 520. Resistance for the stock lies in the zone of 540 from where the stock has broken down from the short term bottom and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 550 to 570 where 100 & 500 Daily SMA is lying.

Broad range for the stock is seen in the range of 480 – 485 on downside to 540 – 545 on upside.