Shilpa Medicare back in action, tops Nifty500 list with over 9% gains

After a 24 percent rally in two back-to-back sessions, the stock retreated to close 8 percent lower on February 20 but recouped the day’s losses with a massive rally today

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Shilpa Medicare made an impressive comeback to recoup the previous session’s losses, gaining more than 9 percent on February 21 to see its best closing in more than two months despite a volatile market.

The stock formed a long bullish candlestick pattern on the daily charts, making higher highs, higher lows. The volume was significantly higher that on February 18.

After a 24 percent rally in two back-to-back sessions, the stock retreated and closed 8 percent lower on February 20 while taking support at the 50-day exponential moving average (EMA).

But it recouped the losses and closed at Rs 297.20 on the National Stock exchange, its highest level since December 8, 2022.

With the expansion of the Bollinger Band on both sides, the stock has been trading with momentum since February 16, moving above 50 (Rs 269) and 100-day EMA (Rs 294).

It is around Rs 40 away from its 200-day EMA, which if surpassed can lead to a healthy bounce, experts said.

“Shilpa Medicare bounced back from a strong support zone with a bullish candle and above average volumes on the weekly timeframe and the supertrend is also indicating a bullish reversal on the daily timeframe which indicates possible bullishness,” Mitesh Karwa, Research Analyst at Bonanza Portfolio said.

On the indicator front, the 50-day EMA is at Rs 268 and the stock has been trading above it comfortably and the RSI is at 64, which indicates strength.

The breakout level is at around Rs 305, so a long position can be initiated above 305 (daily closing basis) with a stoploss of Rs 265 and target of Rs 370, Karwa said.

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“The stock took a strong support near its multi-year support zone of Rs 230 – 200 levels in this month and currently sustained above it’s previous month’s high which shows a positive undertone of the stock,” Vidnyan Sawant, AVP – Technical Research at GEPL Capital said.

On the weekly charts, he said the stock formed a big bullish candle with huge volume confirmation indicating the stock has bottomed out near Rs 230 levels for the medium term.

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