Valentine Pick 2024 : Buy CIPLA @ 1450 & add Upto 1415 for the Target of 1600/ 1660 by Choice Broking
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CIPLA is currently trading at ?1450, moving within the range of 1420 to 1450 and showing signs of readiness for a breakout. The formation of new higher highs and higher lows suggests a potential upward movement, with projected targets at ?1600 and ?1660.
Importantly, significant support is evident around ?1415. Moreover, CIPLA is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, indicating a robust bullish momentum. The Relative Strength Index (RSI) stands at 66.8, confirming an upward trajectory and signaling increased buying momentum.
A prudent strategy involves considering buying opportunities during market dips, particularly around the ?1415 level. In summary, based on technical analysis and current market conditions, CIPLA appears to present a promising buying opportunity for those aiming at price objectives of ?1600 and ?1660, contingent upon the implementation of prudent risk management measures.
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