Buy Cipla between Rs 677.65 & Rs 625 :: HDFC Securities

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Current Observation:
 The attached weekly timeframe chart of this pharma stock (Cipla Ltd) is indicating an excellent upside breakout of
the triangle type pattern during this week.
 The current upside breakout of the larger consolidation could also be considered as upside breakout of ‘pennant’
(consolidation after a sharp upmove and then fresh upside breakout), which could be considered as an uptrend
continuation pattern.
 This week’s upmove has occurred after the formation of sideways consolidation of the last one month and that was
accompanied by the spurt in volume. This is indicating a beginning of bull’s participation during upside breakout.
 Weekly momentum oscillator like 14 period RSI has turned up afresh from near the key upper levels of 60 levels.
From the current reading of 70, the weekly RSI is expected to reach up to 80 levels. This means more upmove for
this stock for near term.
 Positive chart and momentum pattern is indicating a fresh buying opportunity in Cipla Ltd for the next 1-2 months.

LINK

http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010916