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Cipla’s share price was largely moving within the range of ₹958-975 over the past week. But before that, it has been on an uptrend, which began towards the end of March, after taking the support at ₹860. On Tuesday, the stock broke out of the range top of ₹975 and this has opened the door for the uptrend to resume. The price action indicates that the stock of Cipla is likely to extend the rally on Wednesday, possibly to ₹1,000.
Also read: Cipla: Why investors should accumulate this stock
Hence, one can buy shares of Cipla at around ₹981 for intraday on Wednesday. Buy more shares in case the price dips to ₹975. Place stop-loss at ₹968 initially. When the stock rallies past ₹990, tighten the stop-loss to ₹984. Book profits at ₹998.
Also read: Day Trading Guide for June 14, 2023
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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