EquityPandit’s Outlook for Cipla for the week (September 28, 2015 – October 02, 2015):

CIPLA:

CIPLA closed the week on negative note losing around 1.3%.

As we have mentioned last week that if the stock breaks below the levels of 650 on closing basis then the stock can drift to the strong support zone of 620 to 630. If the stock moves below the levels of 620 on closing basis then stock can drift to the levels of 580. During the week the stock manages to hit a low of 633 and bounce to close the week around the levels of 643.

Resistance for the stock lies in the zone of 660 to 670 where 100 and 200 Daily SMA are positioned above which the stock can move to the levels of 680 to 700.

Support for the stock lies in the range of 620 to 630 where long term trend-line and upward moving trend-line for the stock are positioned. If the stock breaks below the levels of 620 on closing basis then the stock can drift to the levels of 570 to 580.

Broad range for the stock is seen in the range of 620 – 630 on downside to 660 – 670 on upside.