Trade Idea of The Day - Cipla Ltd Target Rs. 28 - Religare Broking Ltd
BUY 27 JAN 1440 PE SELL 27 JAN 1400 PE CIPLA PUT SPREAD Entry Range 14-15 Target Range 28 Stop Loss 6
Rationale
* On the daily chart CIPLA has decisively broken below the key support zone near 1450, indicating a loss of demand and strengthening bearish momentum.
* The stock has also traded below its key moving averages of 20-day and 50-day EMAs, reflecting sustained weakness and a negative short-term trend.
* 14-Day RSI is hovering around 32, remaining in the lower band, which suggests persistent selling pressure with no immediate signs of reversal.
* MACD remains in negative territory with a bearish crossover, reinforcing the likelihood of further downside towards 1400-1380 zone in the near term.
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