Ciplaâs stock is in a long-term uptrend. But it experienced a sell-off this month after finding resistance at â¹1,500 and lost about 6 per cent. However, the stock found a support at â¹1,340 where a rising trendline coincides. This is a good base against which the price recovered in the past few sessions.
The price action on the daily chart hints that Ciplaâs stock could appreciate further. We expect the price to touch â¹1,500, the nearest notable resistance, in the short term. So, traders can buy this stock now at â¹1,407 and add more shares to your holdings if the price dips to â¹1,370. Place initial stop-loss at â¹1,325. When the stock rallies past â¹1,450, modify the stop-loss to â¹1,410. Liquidate the longs at â¹1,500.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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