Aditya Agarwal
On the weekly chart, Caplin Point Laboratories is on the verge of a breakout from the channel pattern placed at Rs 633. Breakout with healthy volumes can trigger a bear trend reversal.
On the daily chart, stock has broken out from a Pennant pattern after taking support at the 50 percent Fibonacci retracement level suggesting further upside in the stock.
The RSI has turned upwards breaking out of the upper Bollinger Bands suggesting extended bullishness in the coming trading sessions. The stock may be bought in the range of Rs 596-602 for targets of Rs 655-675, keeping a stop loss below Rs 560.
Disclaimer: The author Head Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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