The stock has taken support near 900 levels making a higher bottom formation pattern in the daily chart and made the chart look attractive for further upside movement in the coming days. The RSI also indicated a trend reversal to signal a buy and with decent volume participation witnessed. We recommend to buy and accumulate this stock for an upside target of Rs 1,050 - 1,100, keeping the stop loss near Rs 890.
BUY CIPLA | CMP: Rs 447.50 | TARGET: Rs 490 | STOP LOSS: Rs 425
The stock has corrected well in recent times and currently has shown signs of bottoming out near 430 levels and with a positive bullish candle formation has signified strength and has potential to rise further in the coming days with the same momentum. The RSI has shown a steep rise to improve the bias and also has signaled a buy. We suggest to buy and accumulate the stock for an upside target of Rs 490, keeping the stop loss of Rs 425.
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Disclaimer: Analyst may have positions in one or all of the above mentioned stocks. Views are personal.
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