EquityPandit’s Outlook for Cipla for the week  (April 24, 2017 – April 28, 2017) :

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 565 to 570 where the stock has taken multiple support in the month of February-2017 and 200 Daily MA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where the stock has taken support in the month of December-2016. During the week the stock manages to hit a low of 563 and close the week around the levels of 564.

Support for the stock lies in the zone of 560 to 565 where the stock has taken multiple support in the month of January-2017 & February-2017. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where the stock has taken support in the month of December-2016.

Minor resistance for the stock lies in the zone of 570 to 575. Resistance for the stock lies in the zone of 588 to 592 from where the stock broke down and short term MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 605 to 610 where the highs of October-2016 and September-2016 is lying.

Broad range for the stock is seen in the range of 550 – 555 on downside & 580 – 585 on upside.