Short term traders with 1 -2 week horizon can take position in Cipla at the current market price of Rs. 332 for a target of Rs 350.
The stock is in uptrend since mid of May after taking strong support at 303 - 304 levels and has been making higher highs and higher lows since then. Also the moving average indicators as plotted in the chart below shows that the 20 DMA has crossed 100 DMA from below which suggest
short term uptrend in the stock. However since RSI indicators is slightly on the higher side, the traders should keep a strict stop loss at 324 levels as a break down below that level will destroy the higher high - higher low pattern.
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