RSI trends upward, and options data highlights strong support at Rs 1,400. Analysts suggest a Bull Call Spread strategy to capitalize on potential gains.
Synopsis
Cipla shares broke out from a falling trendline, signaling bullish momentum. A close above Rs 1,500 could drive prices to Rs 1,540β1,580. RSI trends upward, and options data highlights strong support at Rs 1,400. Analysts suggest a Bull Call Spread strategy to capitalize on potential gains.
The daily chart of Cipla shares recently broke out from a falling trendline and formed a strong bullish candle. This breakout is supported by a noticeable increase in trading volume, reinforcing the potential for upward momentum.βA decisive close above the critical Rs 1,500 level could pave the way for short-term targets at Rs 1,540 and Rs 1,580,β noted Mandar Bhojane, Derivatives Analyst at Choice Broking.119147112On the downside, Bhojane
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