Stock to buy today: Caplin Point Laboratories (₹2,658) – BUY
AI Summary
Caplin Point Laboratories is showing a bullish short-term outlook, with the stock consolidating between ₹2,500 and ₹2,700. A breakout above ₹2,700 is expected to push the price towards ₹2,900, making it a favorable buy at ₹2,658 with specific stop-loss levels recommended. The bullish trend remains intact unless the stock falls below ₹2,500.
The short-term outlook is bullish for Caplin Point Laboratories. The stock has been consolidating within its broader uptrend for more than two weeks between ₹2,500 and ₹2,700.
We expect the stock to make a bullish breakout above ₹2,700 and resume the broader uptrend. Such a break can take Caplin Point Laboratories share price up to ₹2,900 in the short term.
Traders can buy Caplin Point Laboratories shares now at ₹2,658. Accumulate on dips at ₹2,580. Keep the stop-loss at ₹2,480. Trail the stop-loss up to ₹2,695 as soon as the stock goes up to ₹2,730.
Revise the stop-loss higher to ₹2,740 and ₹2,830 when the price touches ₹2,790 and ₹2,860 respectively. Exit the long positions at ₹2,900.
This bullish view will go wrong only if the stock breaks below ₹2,500. But that looks less likely.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Original Article
Published on Hindu BusinessLine