Bullish pivot for Cipla is Rs 336: Aditya Birla Money

MUMBAI: Aditya Birla Money is of the view that the bullish pivot for Cipla is Rs 336. Above this level the stock will breach its consolidating structure.

“Cipla is holding major support of Rs 324 and has has bounced back sharply towards Rs 335. The bounce has shaped up as a clear five wave impulse, following which it’s now consolidating in triangular shaped corrective.

A five wave impulse post consolidation is always followed by minimum one more five wave impulse. The bullish pivot for Cipla is Rs 336 above which it will breach its consolidating structure and also the falling channel line.

A breach of channel line could than possibly change the trend, where post correction the short-term trend will now again realign itself with the medium term uptrend.

We suggest buying Cipla at Rs 333.10 with stop-loss of Rs 323 for possible target of Rs 355,” the report said.