This is weekly chart of CIPLA on NSE (INDIA) with CMP @ 529.95. Observations are as follows:
1. A trendline has been drawn which has been tested as support at multiple occasions as indicated by arrows on the chart.
2. Current week bearish candle (yet not closed) has large body with huge surge in volume and hence possibility of its decisive downside breakout can't be ruled out.
3. MACD has bearish view.
Hence, this scrip if decisively broken the trendline, could fall severely...
Be cautious....
1. A trendline has been drawn which has been tested as support at multiple occasions as indicated by arrows on the chart.
2. Current week bearish candle (yet not closed) has large body with huge surge in volume and hence possibility of its decisive downside breakout can't be ruled out.
3. MACD has bearish view.
Hence, this scrip if decisively broken the trendline, could fall severely...
Be cautious....