Cipla
Buying Cipla Near Support - 5/25/2016After spending almost two years in stratosphere, Cipla is coming back to earth. Our bias is that Indian Pharma sector will continue to grow. That means, we should buy good pharma stocks when everybody is selling. Yesterday's bad result will be forgotten sooner or later and we will be back to talking about growth. Of course, we are not sure when the slide in the stock will end eventually but, support level near 400 is good to get long. Because even if they are destined to go much lower, it is not going to be in straight line. We are going to trade actively between 375 and 425 support zone from long / buy side.
CIPLA - "BUY" Medicine on reports As per Elliot Wave, 5 wave correction has been completed at 580 levels and now I expect to see 3 corrective waves before it continues on to its downtrend. Markets in all indices show similar charts, and I believe the markets are ready for a short term corrective upward move.
Risk Reward: 1:5
Target 1: 609-620
Stop Loss:570