Buy Cipla above Rs 388; target Rs 405: IIFL
IIFL is bullish on Cipla and has recommended to buy the stock above Rs 388 with a stop loss of Rs 380 for the target price of Rs 388, in its February 18, 2013 research report.
February 18, 2013 / 10:34 IST
IIFL is bullish on Cipla and has recommended to buy the stock above Rs 388 with a stop loss of Rs 380 for the target price of Rs 388, in its February 18, 2013 research report.
Cipla on the daily chart has formed hammer pattern on candlestick which is a trend reversal pattern. This pattern is also accompanied by positive divergence in RSI oscillator from oversold terrain. Hence prices have low possibility of going below Rs370 in the near term. A bullish confirmation is likely to happen on move above Rs388 and which could open gateway for rally towards Rs420 in the coming weeks. Adding to it the MACD also is suggesting oversold condition but prices reversal yet to get confirmed. (Duration 10 days)," says IIFL research report.FIIs holding more than 30% in Indian cos Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.To read the full report click on the attachment 
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