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Last Updated : Dec 03, 2018 10:37 AM IST | Source: Moneycontrol.com

Buy Cipla above Rs 536, says Shabbir Kayyumi

The sustainability of RSI above 50 adds the conviction of buying the scrip above Rs 536 for the target of Rs 580 with stop loss of Rs 510 marks.

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Shabbir Kayyumi

Narnolia Financial Advisors

Cipla bottomed out near the levels of Rs 500-510 and has been consolidating for last few days on daily chart. Emergence of green candles
near the support line on daily chart indicate up side movement in the coming sessions. Scrip took support of falling trend line then price

started moving on upside.

Positive divergence of RSI on daily chart is also creating positive rhythm in the scrip. Furthermore, sustainability of RSI above 50 adds the conviction of buying the scrip above Rs 536 for the target of Rs 580 with stop loss of Rs 510 marks.

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First Published on Dec 3, 2018 10:37 am
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