This pharma stock can be your Mr Dependable in volatile times!

It featured amongst the top-performing stocks in the month of March

The stock of Cipla Ltd advanced 1.85 per cent during Tuesday’s trading session and made a fresh all-time high of Rs 1,083 level. Moreover, it featured amongst the top-performing stocks in the month of March as on an MTD basis, the stock has jumped more than 15 per cent.   

The stock has witnessed a breakout of symmetrical triangle-like patterns on the weekly chart as of the week ended March 11, 2022. Furthermore, the breakout was witnessed with a sizeable bullish candle, which was accompanied by above-average volumes.   

As the stock is trading near its all-time high, it is above all the short and long-term moving averages. This setup is indicating a clear uptrend in the picture of the stock.

All the major indicators, in all the time frames, are confirming a bullish direction. The 14-period RSI, which is at 79 on the daily chart, shows a bullish momentum. The MACD line is trading above its signal line and zero line, which indicates a positive trend in the stock. In addition to this, the MACD is above the zero line since March 04, 2022. The directional movement index is also at a strong point. The ADX is at 23.49 and +DI is above the -DI.  

The above-mentioned technical evidence suggests that the stock is likely to continue its northward journey.