Wait for a retracement to the bottom channel for a buy.
You can even place a short term target at current level drawn (horizontal). But personally,i'd buy on the bottom channel, assuming that is , if its respected and take profit (on long side) at middle line of channel
@nileshmartin, Sounds Good..i like the way you explained things so simply..Price is currently respecting the level of 466.80. If price closes below it then buying it from the bottom trendline is no-brainer..Thank you for adding the vale nilesh...much much appreciated.
@Streezy, Cipla is looking god for a buy , having retraced to the lower line of the channel. The nifty, is going to be flat-ish for the coming day before a decent trending move to the upside.
Switch to the 4hr and 1hr time frame for a good entry. But hold on till you see that the current levels(lower line) are being respected for atleast another session. Keep an eye on the nifty too !