Trade Call: Republic Day Stock Pick 2024 By Sumeet Bagadia of Choice Broking

Based in Mumbai, India, Ipca Laboratories Limited is a global pharmaceutical firm. The large-cap pharmaceutical company's market value was Rs 28,270.10 Cr as of Thursday's closing price of Rs 1114.50 a share. The company's financial results for the quarter that ended on December 31, 2023, are scheduled to be released on Wednesday, February 14, 2024. However, Sumeet Bagadia, Executive Director of Choice Broking, is positive about the stock and has advised purchasing it for a target price of Rs. 1230-1260, ahead of the Q3 results.

Ipca Laboratories Share Price Target

Buy IPCALAB @ Rs 1110 & add upto Rs 1065 for the target of Rs 1230/ 1260

IPCALAB is presently trading at Rs 1110, showcasing a sturdy demand zone within the range of Rs 1060 to Rs 1050, which serves as a critical support level. The formation of new higher highs and higher lows indicates a potential upward movement, with projected targets at Rs 1230 and Rs 1260. Importantly, significant support is discernible around Rs 1020.

Additionally, IPCALAB is trading above key Exponential Moving Averages (EMAs), encompassing the 20-day, 50-day, 100-day, and 200-day EMAs, indicating a strong bullish momentum. The Relative Strength Index (RSI) stands at 63, affirming an upward trajectory and confirming increased buying momentum.

A prudent strategy involves considering buying opportunities during market dips at levels around Rs 1065. In summary, based on technical analysis and prevailing market conditions, IPCALAB appears to offer a promising buying opportunity for those targeting price objectives of Rs 1230 and Rs 1260, contingent upon the implementation of prudent risk management measures.

Ipca Laboratories News

"Pursuant to Regulation 29 read with Regulation 47 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, notice is hereby given that a meeting of the Board of Directors of the Company will be held on Wednesday, 14th February, 2024, inter-alia, to consider and take on record the Standalone and Consolidated Unaudited Financial Results for the 3rd quarter and nine months ended 31st December, 2023," said Ipca Laboratories in a regulatory filing.

"Further, with reference to the above meeting of the Board of Directors, we have already informed vide our letter dated 21st December, 2023 that the trading window for dealing in the securities of the Company by the Insiders as defined under the SEBI (Prohibition of Insider Trading) Regulations, 2015 shall remain closed with immediate effect and until 48 hours after the declaration of the Company's unaudited financial results for the 3rd quarter and nine months ended 31st December, 2023 of the financial year 2023-24, i.e., till 16th February, 2024," said Ipca Laboratories in a stock exchange filing.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.