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The stock of Cipla Limited was largely oscillating between ₹1,015 and ₹1,060 since the beginning of August. Yet it gathered bullish momentum this week and broke out of the barrier at ₹1,060 on Tuesday, opening the door for further appreciation. Although there was a decline in price on Wednesday, it is expected to be a corrective one and thus, the scrip can resume the uptrend from here, giving us a good buying opportunity.
So, buy Cipla at the current level of ₹1,070 with a stop-loss at ₹1,050. Book profits at ₹1,100. Refrain from trading if the stock opens below ₹1,050 on Thursday. If there is a gap-up open, wait for a dip to ₹1,070 and then buy.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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