The short-term outlook is bullish. The stock has been moving in a bull channel since November last year. The share price is now poised at the lower end of this channel. The stock has bounced back very well after testing the channel support at ₹2,470 on Tuesday. The 21-Day Moving Average support is also poised at the same level. That keeps the bull channel intact. So, a fall below ₹2,470 will be less likely now. Caplin Point Laboratories shares can rise to ₹2,900-₹2,950 in the coming weeks. Traders can go long now at ₹2,580. Accumulate on dips at ₹2,530. Keep the stop-loss at ₹2,410. Trail the stop-loss up to ₹2,640 when the stock goes up to ₹2,720. Move the stop-loss further up to ₹2,760 when the share price touches ₹2,820. Exit the long positions at ₹2,880.

Video Credit: Businessline

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)