'10 ki Kamai': Should you buy Cipla shares? Expert gives this target
Sumeet Bagadia, ED, Choice Broking told Zee Business TV, ''Cipla is looking positive for last few months. The stock has broken the 200 DMA levels and seems a decent buy for short term targets of Rs 600 and Rs 610.
BJP has won the 2019 Lok Sabha Elections with 303 seats and PM elect Narendra Modi is all set to take oath to retain his incumbency. The stock markets, on the other hand, performed really positive by crossing all time highs on the result day, May 23. The BSE Sensex touched all time high of 40,000, while NSE Nifty50 surpassed record high of 12,000. However both benchmark indices were not able to sustain the levels but experts are predicting the positive trend for next few months.
Sumeet Bagadia, ED, Choice Broking told Zee Business TV, ''Cipla is looking positive for last few months. The stock has broken the 200 DMA levels and seems a decent buy for short term targets of Rs 600 and Rs 610. While fresh buying at CMP is advised for any short term and long term position with an immediate support at Rs 550 to Rs 555.''
At 11:25 hrs, the Cipla stock was trading at Rs 584.25, with 13.65 points gain or 2.39% upside. S&P BSE Healthcare was trading at 13,444.46, gaining 48.91 points or 0.37% recovery till 11:25 hrs.
''The share is witnessing a trend change and as soon as it will break an immediate hurdle of Rs 580, it could gain further to Rs Rs 600 to Rs 610 soon. Also, if it convincingly breaks the level of Rs 610 with volume, it could possible touch Rs 630 to Rs 640 levels in a short span,'' Bagadia added.
Naveen Kulkarni, Head of Research, Reliance Securities said, ''NDA coming back to power with a thumping majority is a clear sign of people’s belief in PM Modi’s administration. We believe that the government will continue to tread the path of calibrated reforms, fiscal consolidation, infrastructure creation and rural growth. With political and policy uncertainty abating significantly, we believe the market volatility (VIX) will decline.''
On Monday, markets opened on a positive note at a flat start for the week on May 27 with Nifty around 11,850. At 09:17 hrs IST, the Sensex is up 1.36 points at 39,436.08, and the Nifty down 4.20 points at 11,839.90. Among sectors, auto, energy and pharma are trading lower, while buying seen in the metal, infra and FMCG.