With no major announcements on the cards in near future, this is a pure technical play with no event driven price action. Accumulation has been going on in Cipla for a long time now, and finally today it showed strength even as the price pushed upward of ₹550 and soon the intraday action was captured by HFT players which is why the ₹3 down closing.
However, it is a blessing in disguise, buy CIPLA at ₹547-551 levels for a target of ₹595. Putting Stop Loss isn't recommended. Also, DO NOT play on margin, get ready to hold it for 2 weeks.
Happy Trading!
- Souvik
Trade active
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UPDATE (26-Feb-19): A day after initiating the trade, India's IAF bombed the terrorist camps in Pakistan, as per media. Therefore, a drag was created, Nifty50 being down 300 points on open and recovered sharply during close. Cipla breached 552. Long and hold.
Order cancelled
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Keeping in view the unstable political situation right now between India and Pak. Exit the trade.