EquityPandit’s Outlook for Cipla for the week  (May 29, 2017 – June 02, 2017) :

CIPLA:

CIPLA closed the week on negative note losing around 13.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 560 to 563. Support for the stock lies in the zone of 550 to 555 where the stock has taken support in the month of December-2016. If the stock manages to close below these levels then the stock can drift to the levels of 520 to 530 where Fibonacci levels are lying. During the week the stock manages to hit a low of 480 and close the week around the levels of 489.

Minor support for the stock lies in the zone of 475 to 477. Support for the stock lies in the zone of 445 to 450 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can witness a major break down on long term charts.

Resistance for the stock lies in the zone of 498 to 502. If the stock manages to close above these levels then the stock can move to the levels of 515 to 520 where Fibonacci levels are lying.

Broad range for the stock is seen in the range of 450 – 455 on downside & 510 – 515 on upside.