SHILPA MEDICARE

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I am ex­pect­ing re­cov­ery in pharma sec­tor and hence I wish to buy Shilpa Medicare. What would you sug­gest?

- Sharad San­klecha

BUY SHILPA MEDICARE ABOVE RS 688-689

Shilpa Medicare is cur­rently trad­ing at Rs 672. Its 52-week high/low stand at Rs 786.75/Rs 525 made on De­cem­ber 21, 2016 and Novem­ber 9, 2016, re­spec­tively. Con­sid­er­ing the daily time frame the stock is trail­ing at its down­ward slop­ing mul­ti­ple points trend­line level of Rs 681. Along with trend­line formed from Feb 2017, the stock has also formed an in­verse head & shoul­ders pat­tern, which has a break­out at Rs 885-889 lev­els. The vol­umes are not ris­ing but are jus­ti­fi­able and the 14-pe­riod RSI is quot­ing at 59, which is near its mo­men­tum level. Hence, we ex­pect a big move in the stock above Rs 689 on a clos­ing ba­sis. We sug­gest a buy.

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