From the lows of 145 in Oct2008 it travelled in an impulsive way to finish primary wave ((1)) at 753 highs in March2015. Next, I am looking for Primary wave-((1)) to retrace by 61.8%, which comes to 365-375 zone -likely will finish primary wave-((2)) - which could be the next possible scenario expected on a long term basis.
Biggest Opportunity of the decade One of the biggest trade, which will arise in future can be in the zone 365-375- where the primary wave-((2)) ends-once confirmed, then primary wave ((3)) which should travel minimum 161.8% shall take Cipla to the zone 1350-1375 but that is a long journey & can test traders patience multiple times & shall make you even give up the trade- which market usually does best in non trending times.
Short Term Picture
A complex correction unfolding from 753 highs in the form of (W)-(X) & (Y) can lead Cipla to 365-375 zone.
In current scenario from the highs of 622 - likely to continue down if falls below 565 for next support zone 485-500 where B-Wave shall complete & retrace 80% of the impulsive rally from 457 to 618- Later we shall come back again once it goes into the expected zone of 485-500.
Trading Strategy Short Term Strategy - We shall look for a fall below 565 or from the zone 600-610 once hits & starts falling back below 600 & sustains below for target 485-500.
Medium Term Strategy - We shall look for C-wave upside once the B - wave target is done in the zone 485-500 & holds the zone to give us confidence for higher upside move in C-Wave.
Long Term Strategy- We will plan to buy lots of Cipla in the zone 365-375 if we are lucky to get it in the zone of 365-375 as expected in the long term picture.
Happy Sunday!
Trade active
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17:53 Hrs 27th Feb2017
Last price@585
Trading opportunity arises next either going below 565 or going above 595 & holding above 595 for 615-625 zone as target & channel top.
Trade active
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18:22 Hrs 1st March2017
Last Price@586
Price went very close to 595 - made day's high@592-593 & slipped to 585 day's low.
We were looking for 595 mark to cross which it failed.
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14:34 Hrs 14th March2017
Last Price@600
Cipla had a tough time for last 25-30 days -it was doing big consolidation- Likely Next it should move up first 615-625 & Above 625 for 645-655 zone.
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09:51 Hrs 15th March2017
Last Price@605
We are in this trade of cipla after big consolidation for last 30 days likely it kisses 615-620 zone -kindly do not enter late in the call as your risk increases.
Trade active
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10:55 Hrs 15th March2017
Last Price@602
Closing this long call on temp basis & shall pick again, only above recent swing high of 606 -shall be staying out for a while.
Trade active
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19:41 Hrs 9th April2017
Last Price@590
Went in the zone 600-610 made recent high @604 & had a fall. Zone 600-610 looks good -going in the zone & falling below 600 is always weak sign for the stock.
@AMBRISH, Infact I remember - I suggested -it is not good as it is unable to hold above 600 levels.
AMBRISH
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@AbhishekHSinghCMT, Pharma is beated down due USA inspection of Pharma plants in India,
Yesterday i read observation on Lupin, it's really bad for pharma sector.
WaveTalks
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@AMBRISH, You are telling this now, I was aware in Aug2016 when I gave terminal thrust update in Auropharma at 895- "did you press the panic button"
AMBRISH
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@AbhishekHSinghCMT, Thanks.
nirav5
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Thanks Abhishek. Requesting you to provide your analysis on CNXPHARMA chart. Pharma stocks have not taken much participation in the recent rally to Nifty's all time high journey. Do you suggest bottom fishing in it? Thanks.
WaveTalks
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@nirav5, So, zone of 600-610 started working for a downside move. Sure, Let me check & shall post once I get some time.
nirav5
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@AbhishekHSinghCMT, Thanks.
WaveTalks
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@nirav5, Hi, I just realised your signature -which looks awesome. Currently, having lot of work pressure & weekends if you can remind me-I shall check CNXpharma & get back to you.