Cipla Ltd. on the National Stock Exchange (NSE) with price data for a specific period.
Here’s an analysis based on the chart:
Key Observations: Price Trend:
The stock has experienced a significant upward trend. There was a strong rally after a price drop. The chart highlights a price gain of 197 INR (12.85%) from a recent low to the current level. Price Decline:
Before the rally, there was a noticeable price correction of 201 INR (13.17%). This likely acted as a pullback before the subsequent rally. Support and Resistance:
The support level seems to be around 1,400 INR, as the price bounced back after a decline. The resistance level appears around the 1,650 INR to 1,700 INR zone, as the price is facing some resistance in this region. Volume Analysis:
The Cumulative Volume Delta (CVD) indicator at the bottom shows positive volumes, indicating that buying pressure has dominated in recent sessions. There is a spike in volume, which supports the upward price movement, suggesting strong buyer interest. Conclusion: Uptrend Strength: The current price increase of 197 INR suggests strong bullish momentum. Risk of Pullback: Since the price is approaching resistance, there may be a short-term pullback unless strong volume breaks through the resistance. What to Monitor: Resistance Breakout: If Cipla’s stock price closes above the 1,700 INR level, it could signal further upside potential. Support Level: In case of a pullback, watch for the 1,500 INR support area.