EquityPandit’s Outlook for Cipla for the week (February 06, 2017 – February 10, 2017) :

CIPLA:

CIPLA closed the week on positive note gaining around 4.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 585 to 590 from where the stock has broken down. If the stock manages to close above these levels then the stock can move to the levels of 600 to 610 where the highs of October-2016 and September-2016 is lying. During the week the stock manages to hit a high of 611 and close the week around the levels of 608.

Minor support for the stock lies in the zone of 590 to 595 from where the stock broke out from January-2017 highs. Support for the stock lies in the zone of 570 to 575 where short & medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 550 to 555 where 200 Daily SMA is lying.

Resistance for the stock lies in the zone of 600 to 610 where the highs of October-2016 and September-2016 is lying. If the stock manages to close above these levels then the stock can move to the levels of 640 to 650 from where the stock sold off in the month of December-2015.

Broad range for the stock is seen in the range of 580 – 585 on downside to 630 – 635 on upside.