Stock of the week - CIPLA Ltd For Target Rs. 1250 By GEPL Capital
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Observation
* On the long term charts, the CIPLA is moving in a strong uptrend since March 2020 and continuous to move with higher highs and higher lows formation maintaining the strong bullish trend in the undertone.
* Recently the stock broke out of a 10 months consolidation with an increase in volumes.
* On the weekly charts the stock has convincingly taken broken and sustained above its 20 week SMA (922) and sustained at it’s life high.
* On the indicator front RSI plotted on weekly scale is confirming the breakout and has crossed the 60 mark.
Inference & Expectations
* The stock has shown relative outperformance compared to Nifty and has not corrected in the recent market correction.
* Going ahead the stock has the potential to continue its outperformance and move higher towards 1140 (consolidation Height Target) followed by 1250 (61.8% fib extension 355-1005).
* One can Buy CIPLA at current levels with a target of 1140 and 1250 with a strict stop loss of 990 on closing basis .
CIPLA Ltd : LTP : 1043.95 Target: ₹1250 Stop Loss : 990
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