EquityPandit’s Outlook for Cipla for the week  (June 19, 2017 – June 23, 2017) :

CIPLA:

CIPLA closed the week on negative note losing around 2.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 555 to 560 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 570 to 575 where medium term and long term moving averages are lying. During the week the stock manages to hit a high of 555 and close the week around the levels of 537.

Minor support for the stock lies in the zone of 535 to 540. Support for the stock lies in the zone of 515 to 520 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can move to the levels of 500 to 505.

Resistance for the stock lies in the zone of 555 to 560 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 570 to 575 where medium term and long term moving averages are lying.

Broad range for the stock is seen in the range of 510 – 515 on downside & 555 – 560 on upside.