Buying on breakouts is one of the best strategy for traders when the price crosses its previous high. This means after reaching at the same point, there is a tough fight between bulls and bears and if crossed the previous level i.e resistance we can easily see bulls coming in with huge pressure pulling the stock upwards.
Cadila Healthcare, one of the safest bet in the pharma space and pharma sector itself being a defensive sector, one can buy ino this stock whivh is trading at its all time high level even in this downtrend markets of Nifty. One can trade on this stock with a stoploss of 2.5% below the buying price.
Cadila Healthcare is on a verge of breakout and the stock can give a quick move to 990-1000 in extreme short term. Even the risk seems to be on the lower side as it belongs to the most defensive sector i.e pharma space which is the least volatile sector.
Traders can buy above 942 with a stoploss 910
(Image Source:www.nooreshtechtech.co.in)
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Regards
Mayank Gupta
