EquityPandit’s Outlook for Cipla for the week (August 16, 2016 – August 19, 2016):

CIPLA:

CIPLA closed the week on negative note losing around 3.20%.

As we have mentioned last week that support for the stock lies in the zone of 510 to 520 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500. During the week the stock manages to hit a low of 512 and close the week around the levels of 516.

Support for the stock lies in the zone of 510 to 515 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 495 to 500.

Minor resistance for the stock lies in the zone of 520 to 525. Resistance for the stock lies in the zone of 535. If the stock manages to close above these levels then the stock can move to the levels of 550 from where the stock has corrected in the month of March – 2016 and May – 2016.

Broad range for the stock is seen in the range of 500 – 505 on downside to 535 – 540 on upside.