Cipla may test Rs 640, says Kunal Bothra

Kunal Bothra - Head Analyst, Technical at LKP Securities is of the view that Cipla may test Rs 640.

Kunal Bothra - Head Analyst, Technical at LKP Securities told CNBC-TV18, " Cipla  within the pharma space is still looking very strong in terms of daily charts as well the short-term charts. On the hourly chart it is forming a bullish flag formation. The breakout line or the neckline was very close to Rs 615-616 where it is broken out today. In the next couple of days the stock could pick up momentum. The level of Rs 640 is what I am looking at on Cipla as the target from a very near term perspective with stoploss of Rs 605."

At 14:19 hrs Cipla was quoting at Rs 619.35, up Rs 13.25, or 2.19 percent. It has touched an intraday high of Rs 622 and an intraday low of Rs 603.35.

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