Shilpa Medicare was in a downtrend since August 2020. The counter tested its lowest price on 19th March 2021. Thereafter the counter experienced a pull-back with a small correction. The price gave breakout on a daily chart today on 20th April 2021. This breakout was supported by increase in the volume. This price behaviour has formed the Inverted Head & Shoulders price pattern. Here, I anticipate the price target of Rs.480. I suggest the Stop Los at Rs.396 to be followed for the first four daily candles starting from 21st April 2021. Thereafter the profit booking/ exit decision should be taken on downward crossover of 26 EMA by 5 EMA.
NOTE: This idea is an attempt to predict future price movements. Investment decision based on this idea, if any, shall be at the sole risk of the investor.
NOTE: This idea is an attempt to predict future price movements. Investment decision based on this idea, if any, shall be at the sole risk of the investor.