The short-term outlook for Caplin Point Laboratories is bullish. The 3.5 per cent rise on Friday has taken the share price well above the ₹1,600 mark. Immediate support can be around ₹1,620. Below that, a lower and strong support is around ₹1,570. Intermediate dips below ₹1,620 will be limited to ₹1,570 as fresh buyers are likely to enter the market at lower levels. As such, a fall below ₹1,570 looks less likely now. Caplin Point Laboratories’ share price can rise to ₹1,750 in a couple of weeks. Traders can go long now at ₹1,640. Accumulate on dips at ₹1,605. Keep the stop-loss at ₹1,560 initially. Trail the stop-loss up to ₹1,660 as soon as the stock moves up to ₹1,690. Revise the stop-loss further up to ₹1,710 when the price touches ₹1,725. Exit the long positions at ₹1,750.
Today’s Stock Recommendation: Aug 5, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)