Cipla (BUY, between Rs326-329, Target Rs345): Cipla Ltd on the daily chart has formed ‘hammer’ combined with ‘harami black’ pattern on candle stick. As such pattern has appeared near the fibonnaci retracement support of 61.8% , the probability of bounce back remains extremely high. Adding to despite weakness in the broader markets on Friday’s trading session stock has managed to close in the green supported with increase in the volume activity compared to previous trading session. The long term support of 200 DMA also is placed at levels of Rs334 which supports buying argument in the counter. We advise buying stock in the range of Rs326-329 with stop loss of Rs321. (Duration 5 days).
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