Trading strategies: Cipla
Technical picks for the day by Indiainfoline
- Cipla: Cipla on the daily chart has formed rounding bottom pattern and has been flirting with breakout levels of Rs329. A higher opening above Rs330 confirms end to consolidation phase and confirms fresh breakout for Target beyond Rs350. The daily RSI has been able to form good base above the earlier resistance zone of 55 levels with added confirmation from MACD bullish crossover above the reference line.
Recommendation: Indiainfoline recommends traders to buy Cipla above Rs330 with stop loss of Rs324 for a target of Rs342.(Duration 7days).
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