Ipca Laboratories has demonstrated strong structural development, characterized by a consistent pattern of achieving higher highs and higher lows since its significant turnaround starting from May 2023. Notably, the stock has managed to sustain levels above the key retracement level of 78.60 percent from its previous downward movement (from Rs 1,371 to Rs 669), indicating potential for further upward momentum.Furthermore, Ipca Laboratories has consistently maintained positions above important moving averages such as the 12-weekly and 26-weekly, confirming a positive trend. Its resilience is evident from its ability to rebound from the 12-weekly Exponential Moving Average (EMA), demonstrating effective mean reversion dynamics. Additionally, the Relative Strength Index (RSI) study remains above 60 across various timeframes, supporting the bullish momentum.According to projections, the prices are expected to rise further until reaching the level of Rs 1,530. However, the bullish outlook would be invalidated if prices sustain below the Rs 1,173 level.
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