On the daily chart, Cipla reversed from the resistance line which
coincides with its Upper Bollinger Band, suggesting that the likelihood of
further upside over the short-term has diminished. For now, the risk/return of
establishing long positions is less than ideal. Yesterday, the stock declined with
impressive volumes. Selling pressure could intensify in the counter below the
levels of Rs288. The daily RSI has given a negative crossover which could
provide immediate trigger for down fall. We
advise going short on Cipla November Futures below Rs290 with stop loss of
Rs295 for target of 277 (Duration 5 days)
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