Stop Loss: Rs 765
Shilpa Medicare is currently trading at Rs 844.65 and has formed a symmetrical triangle pattern, indicating a strong bullish reversal from its support level on the daily chart. This upward momentum is supported by a significant increase in trading volumes, suggesting potential momentum for a bullish breakout.
If the price closes above Rs 845, the stock can reach short-term targets of Rs 1,000 and Rs 1,050. On the downside, immediate support lies at Rs 800, which provides favorable buying opportunity on dips. The RSI is currently at 53.89 and moving upwards, indicating increasing buying pressure. For effective risk management, stop-loss at Rs 765 is recommended to protect against any unexpected market reversals.
(Mandar Bhojne, Equity Research Analyst, Choice Broking)
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