Cipla - triple bottom pattern
Cipla has formed a triple bottom pattern on the daily chart, suggesting a potential bullish reversal. The stock has been consolidating near its key support level, indicating accumulation by buyers. Increased trading volume highlights growing buying interest and supports the possibility of continued bullish momentum.
The technical indicators also align with this outlook. The RSI is trending upwards at 43.59, signaling improving strength, while the Stochastic RSI has shown a positive crossover, further confirming the potential for an upward move. A breakout above Rs 1,460 could trigger a rally toward the immediate targets of Rs 1,550 and Rs 1,580. On the downside, the support at Rs 1,430 provides a favourable buying opportunity for investors.
Strategy: Buy
Target: Rs 1,550, Rs 1,580
Stop-Loss: Rs 1,400
The technical indicators also align with this outlook. The RSI is trending upwards at 43.59, signaling improving strength, while the Stochastic RSI has shown a positive crossover, further confirming the potential for an upward move. A breakout above Rs 1,460 could trigger a rally toward the immediate targets of Rs 1,550 and Rs 1,580. On the downside, the support at Rs 1,430 provides a favourable buying opportunity for investors.
Strategy: Buy
Target: Rs 1,550, Rs 1,580
Stop-Loss: Rs 1,400
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