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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Investors with a short-term view can buy the stock of Cipla at current levels. After encountering a key resistance at around ₹490 in November 2019 and again this January, the stock resumed the long-term downtrend. Since then, the stock has been in a short-term downtrend. But it recorded a 52-week low at ₹356 in early March and began to move sideways. The stock took support in the band between ₹355 and ₹365 in mid-March and reversed direction triggered by positive divergence in the weekly relative strength index.
On Friday, the stock jumped 8 per cent with good volume, breaking above a key resistance level of ₹430 as well as 50-day moving average. This rally has strengthened the near-term uptrend. The daily RSI is on the brink of entering the bullish zone from the neutral region and the weekly RSI features in the neutral region. Overall, the short-term outlook is bullish for the stock. It can extend the rally and reach the price targets of ₹467 and ₹477. Traders with a short-term perspective can buy with a stop-loss at ₹440 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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