EquityPandit’s Outlook for Cipla for the week (September 07, 2015 – September 11, 2015):

CIPLA:

CIPLA closed the week on negative note losing more than 1%.

As we have mentioned last week that the resistance for the stock lies in the zone of 680 above which the stock can move to the levels of 700 to 710 from where the stock has broken out, the stock hit a high of 688 and sold off to the levels of 650 during the week.

The stock is trading below the strong support zone of 660 where 100 and 200 Daily SMA are positioned. If the stock breaks below the levels of 660 the stock can drift to the levels of 620 where long term support for the stock is lying.

Resistance for the stock lies in the zone of 680 above which the stock can move to the levels of 700 to 710.

The stock has formed a Shooting Star pattern on weekly charts. If the stock breaks below the levels of 644 the stock can drift to the levels of 620.

Broad range for the stock is seen in the range of 600 – 620 on downside to 680 – 700 on upside.