Technical Outlook & Trading Strategy:-
The share price of Cipla appears to have broken down from its downward sloping trendline support (Weekly Chart).
Such a breakdown is likely to have negative implications for the stock price. We expect strong declines to occur in the next few sessions and believe that the technical set up suggests that the stock price could test the levels of Rs 275 / Rs 270.
Short positions can be initiated at current level and again on pullback to the Rs 287-Rs 289 with a stop loss placed above Rs 294.10.
