Cipla is in an uptrend and has formed a good demand zone around 604 levels. The stock also has recently formed a large supply zone as shown in the charts.
Buy the stock at 605 with a stop loss at 592. Hold for an initial target of 625.3.
If the stock reacts down from the Daily supply zone before the buy is triggered then target can be revised to 645.
Keep trailing you stop loss to protect profits as the trade is risky.
Trade active
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Got an entry as expected. The stock has moved down into the demand after testing the supply zones above.
Trade closed: target reached
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The trade reached the target today itself. Potential to reach levels of 645.
If only partial profits were booked at 625.3, move trailing stop loss to 620 and hold till 645.
Keep trailing stop loss and close remaining position when target or trailing stop loss is hit.
Keep trailing stop loss and close remaining position when target or trailing stop loss is hit.