Caplin Point Laboratories slips toward 2,382.50 support

Caplin Point Laboratories closed at 2,460.8 after a third straight fall, with 2,382.50 support and 2,990 resistance in focus. Caplin Point Laboratories Limited (

) fell 3.45% to ₹2,460.8 on the daily chart. The stock opened at ₹2,541, hit a high of ₹2,576.4 and a low of ₹2,431.1. It is the third straight negative close, and price is now well below the ₹2,990 level, which remains key resistance. The move began in April near ₹1,500. Price broke out in June, held a ₹2,400 to ₹2,700 range through July and August, and tested ₹2,990 in September. The latest fall has brought it back to the lower end of that range. RSI is at 36.20, below its average of 51.83, and is heading down. Volume on the latest candle is 188.95K, well below the September spikes above 1 million. My view: short term momentum is bearish. Price still holds above the ₹2,382.50 support, so this is weakness, not a confirmed breakdown. I could be wrong if buyers defend that level and RSI turns up. A close below it would strengthen the bearish case. I am watching ₹2,382.50 on the downside and ₹2,990 on the upside. Direction depends on how price handles them. My stance stays cautious until one of them gives way. Disclosure: I have no holding or position in this stock. This is not a recommendation. Investments in securities market are subject to market risks. Read all related documents carefully and consult a SEBI-registered advisor before investing.