Sell Cipla, target Rs 576: Jay Thakkar
Sell Cipla at a price target of Rs 576 and a stop loss at Rs 620.
By ETMarkets.com |
Getty Images
Jay Thakkar of Anand Rathi has a sell call on Cipla with a target price of Rs 576.
The current market price of Cipla is Rs 611.20.
Time period given by the analyst is two weeks when Cipla price can reach the defined target.
Jay Thakkar recommended keeping a stop loss at Rs 620.
"The stock has broken the bearish head and shoulders pattern on the daily charts with the sell crossover in its momentum indicators. The minimum target on the lower side comes to Rs 576 whereas the resistance is pegged at 620 levels. The momentum indicators are showing sell crossover with a negative divergence," Thakkar said.
Cipla, incorporated in the year 1935, is a Large Cap company (having a market cap of Rs 48,591.47 crore) operating in Pharmaceuticals and health care sector.
The current market price of Cipla is Rs 611.20.
Time period given by the analyst is two weeks when Cipla price can reach the defined target.
Jay Thakkar recommended keeping a stop loss at Rs 620.
"The stock has broken the bearish head and shoulders pattern on the daily charts with the sell crossover in its momentum indicators. The minimum target on the lower side comes to Rs 576 whereas the resistance is pegged at 620 levels. The momentum indicators are showing sell crossover with a negative divergence," Thakkar said.
Cipla, incorporated in the year 1935, is a Large Cap company (having a market cap of Rs 48,591.47 crore) operating in Pharmaceuticals and health care sector.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
