IPCA Laboratories on a daily chart we witnessed stock price fell more than
50 percent from its 52week high. Currently stock price is trading at 544 level.
Yesterday stock has given the breakout of the range, which was trading in a
range from last 5 months, indicate positive outlook for the stock price. Also
stock is trading in a perfect parallel channel, in the channel price recently
touch the lower channel now its heading towards upper channel. Any closed above
the channel stock price can rally for another 20 percent.
Momentum oscillator MACD is on the verge to give positive crossover, which
add more bullishness for the stock price.
If
one were to go by the volume data, a higher upswing is seen on the stock price.
Trader or investor
can accumulate for the target of Rs.603 level, with Rs. 524 stop
loss on closing basis.
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