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Tech query: Cipla on a short-term downtrend
Pradeep Kabra
Cipla (₹805.4): The stock of Cipla is on an uptrend in the long as well as the medium term. However, in the short term, the stock has been on a downtrend since it recorded a new high of ₹878 in early February this year.
In March 2020, it took support at ₹356 and reversed direction. Since then, the stock has been on a long-term uptrend. In April 2020, it decisively breached a key hurdle at ₹480 and thereafter at ₹560, and has never revisited these levels since then.
The stock continued to trend upwards. In November 2020, the stock took support at around ₹710 and continued to trend upwards. But then, it met with a key barrier at ₹860 in early January and again in early February this year, and started to trend downwards.

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