CIPLA
Cipla took trend reversal from its down trend with a GAP from then it was inching up to make a new high of 435 which is higher end of the upward channel.Now stock is moving in an upward channel.
Short Term:
Stock is moving in an upward channel after changing its direction from downward. After making a new high of 435 stock retraced to 50%( 354).Stock is having a strong support in the range 349( channel bottom trend line) - 353 ( previous lows support). Buy the stock with SL at 349 for a target of 380 - 385
Long Term:
Stock changed its direction toward higher levels in an upward channel.If stock found support at 349 - 353 levels and continue moving higher one can go long for a good long term targets of 461/475 levels.
Note: Breaching this levels of support stock may re visit its lower levels 299-306
Cipla took trend reversal from its down trend with a GAP from then it was inching up to make a new high of 435 which is higher end of the upward channel.Now stock is moving in an upward channel.
Short Term:
Stock is moving in an upward channel after changing its direction from downward. After making a new high of 435 stock retraced to 50%( 354).Stock is having a strong support in the range 349( channel bottom trend line) - 353 ( previous lows support). Buy the stock with SL at 349 for a target of 380 - 385
Long Term:
Stock changed its direction toward higher levels in an upward channel.If stock found support at 349 - 353 levels and continue moving higher one can go long for a good long term targets of 461/475 levels.
Note: Breaching this levels of support stock may re visit its lower levels 299-306
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