Hold / Buy on dips

Cipla (BUY, above Rs360, Target Rs373): Cipla on the daily after being breakout from long term inverted head and shoulder pattern has been consolidating in a minor ‘symmetrical triangle’ for more than a week. The volumes have been shrinking as prices move towards the apex of the pattern. However as triangles are considered as a continuation pattern, the existing trend is likely to get continued after the breakout, which in this case remains up. The stock has also managed to close above its 10-DMA on Thursday’s trading session which is likely to ignite positive momentum in the near term. We advise buying the stock above Rs360 with stop loss of Rs353.