Caplin Point Laboratories breaks above ₹2,860 resistance!

Caplin Point Laboratories breaks above ₹2,860 resistance Caplin Point Laboratories Limited (NSE: CAPPL) closed at ₹2,867.40 on September 24, gaining 2.64%. The stock moved above its ₹2,859.67 second-resistance level with volume of 12.41 lakh shares. Why it matters Caplin Point touched a fresh 52-week high of ₹2,990 during Thursday's session before closing at ₹2,867.40. The stock has gained about 10.43% over the past week and 14.88% over the past month. The technical pivot stands at ₹2,801.97. Resistance levels are ₹2,826.73, ₹2,859.67 and ₹2,917.37. Supports are placed at ₹2,769.03, ₹2,744.27 and ₹2,686.57. My view The breakout has a strong price structure because the stock is trading close to its fresh 52-week high. However, after a sharp move, I would watch whether the ₹2,859-₹2,860 zone turns into support.