CIPLA is in the process of forming a Head and Shoulders pattern on the Daily chart. The left Shoulder and the Head are already complete we are possibly around the right Shoulder. If true, price can retrace to the baseline at 880. Trading here can be risky as we are in the middle of pattern formation and it may be invalidated at any point above right Shoulder....
CIPLA KEEP AN EYE VOLUME SHOWS REVERSAL IS POSSIBLE AND A NEW BOTTOM CAN BE FORMED NEAR 730 AREAS 724 CAN ACT AS A VERY GOOD SUPPORT
CIPLA BOTTOMING OUT BUYING CAN BE DONE NEAR 760 - 65 AREAS ... LOOKS STRONG TILL IT HOLDS 750 PERFECTLY CAN SEE 820/40 IN COMING WEEKS
MULTIPLE CONFIRMATIONS GIVES CONFIDENCE AND APPROVES STRONG TREND 1 RUPEE STOP 4.5 RUPEE TARGET RISK : REWARD = 1 : 4.5 FANTASTIC TRADE NSE:CIPLA
It has triggered a Bearish Ichimoku C Clamp in daily time frame which suggest a retracement till 615. In hourly its making a Bearish Diamond Pattern indicating 615/600 on break of 638. View would go wrong above 653
Educational Purpose.
In daily time frame CIPLA is on the verge of a breakout above 485. Above which it could go and complete the min bounce/reversal levels (510-520) of a Monthly AB=CD formed near recent low. It has very good support at 475-470.