The RSI also has bounced from the oversold zone and currently it has indicated a steep rise.
Narnolia Financial Advisors
After hitting the peak of Rs 432, Cadila Healthcare slipped at lower levels from where chances of developing of demand is higher and prices took support from the previous support on daily chart. As of now, formation of double bottom on daily chart is giving cues to accumulate this stock at lower levels.The RSI also has bounced from the oversold zone and currently it has indicated a steep rise. As long as it sustains above Rs 347 marks, possibility of moving on upside is higher and it can hit our first target of Rs 390 and second target is Rs 400 with an ease. Buy Cadila above Rs 366 with stop loss of Rs 347, target Rs 400.