Technical Outlook & Trading Strategy:-
The price of Cipla Ltd appears to be forming a head and shoulder pattern on its weekly charts. A breakdown to the said pattern has confirmed when the price has broken below neckline support level of Rs 283 levels.
The prices will face heavy selling pressure and one could see the price of Cipla decline to the levels of Rs 250 / Rs 240 levels.
We recommend traders to sell 50% on the rise up to 280 and again in the range of Rs 282 – Rs 285 levels with a stop loss placed above Rs 291.6 levels for targets of Rs 268 – Rs 256 levels.
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