Caplin Point Laboratories, a leading pharmaceutical company known for its focus on generic formulations with strong fundamentals, presents an attractive opportunity for swing traders and investors.

Reasons are listed below :
  • Support Zone at 1200-1250: Caplin Point Laboratories has established a strong support zone in the range of 1200-1250, showcasing its resilience and attracting buying interest at these levels.
  • Bullish Hammer on Weekly Timeframe: A bullish hammer candlestick pattern observed on the weekly timeframe signals a potential reversal of the downtrend and indicates bullish sentiment among investors.
  • Bullish Engulfing on Daily Timeframe: The formation of a bullish engulfing candlestick pattern on the daily timeframe, engulfing ten previous daily candles, reinforces the bullish outlook and suggests a shift in momentum in favor of Caplin Point Laboratories.
  • 0.5 Fibonacci Support: Finding support at the 0.5 Fibonacci level strengthens the bullish case and provides a solid foundation for potential upward movement.
  • Higher Highs: The stock has consistently formed higher highs, reflecting a trend of increasing bullish momentum and indicating potential for further upward movement.
  • Trading Above 50 and 200 EMA on Weekly Timeframe: Caplin Point Laboratories is trading above both the 50 and 200 Exponential Moving Averages (EMA) on the weekly timeframe, further confirming its bullish momentum.

Target - 1410 // 1540 // 1620
Stoploss - weekly close below 1207

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Trade closed: target reached:
1st target achieved : 7.2%++
forming a double bottom pattern.
We can add some quantity here
Stock is range bound for now, hold!!

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