Today’s Pick: Cipla (₹1,070.4): Buy

Akhil Nallamuthu |BL Research Bureau | | Updated on: Sep 21, 2022

Book profits at ₹1,100

The stock of Cipla Limited was largely oscillating between ₹1,015 and ₹1,060 since the beginning of August. Yet it gathered bullish momentum this week and broke out of the barrier at ₹1,060 on Tuesday, opening the door for further appreciation. Although there was a decline in price on Wednesday, it is expected to be a corrective one and thus, the scrip can resume the uptrend from here, giving us a good buying opportunity.

So, buy Cipla at the current level of ₹1,070 with a stop-loss at ₹1,050. Book profits at ₹1,100. Refrain from trading if the stock opens below ₹1,050 on Thursday. If there is a gap-up open, wait for a dip to ₹1,070 and then buy.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on September 22, 2022
COMMENTS
  1. Comments will be moderated by The Hindu BusinessLine editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you