CIPLA which was in a downtrend from mid of July was consolidating itself from early September. The stock has currently jumped up on high volume. This happened on Nov 15th. And on 16th(not shown in chart), it has maintained its upward momentum.
This unprecedented gain is due to a gain in quarterly numbers. The strong numbers in financial sheets has caused all traders to take a dip into the stock. And this is the main reason why you can see a high volume on Nov 15th.
The slope of the 9-day MA has turned positive from negative and with strong financial numbers to back up us, it may not be a bad idea to enter before its too late.
Kindly note that the advice we provide are based solely on technical analysis. There are thousands of factors that can affect the price of a stock. So do not rely solely on our tips. Please do listen to news and also perform your own analysis to determine whether you should enter a position or not. We would not be held accountable for any loss you might suffer in process of trading. The above are for information purposes only, trade at your own risk.
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