Long Cipla @ ₹547-555 for a Target of ₹595Greetings,
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
