It is less than one hour to the close of the Indian stockmarket and further tomorrow is a trading holiday.
Cipla Ltd (NSE symbol: CIPLA) offers a favourable positionto buy in delivery.
In this article, we will go though the stocks and learntechnical analysis as we understand this author’s take on technical analysisand his rationale to arrive at the forecast.
Next, at the time of writing today’s price action forms aWhite Marubozu. This candlestick pattern indicates strong buying pressure.Further, today’s candle is eliminating the previous two trading days’ red.
Thus CIPLA provides a good Trend Following trade i.e. atrade where we do not have a predefined target and if the stock moves favourably,we will give it room to form a base first before trailing our stop.
The stop will be one tick below the low of the previous tradingday candle i.e. a stop order at 798.2
Disclaimer: All the content is for education purposes only.