Stock Radar: 50% rally in 1 year! Cipla breaks above a falling trendline resistance; should you buy?

After hitting a record high of Rs 1,519 on March 11, 2024, the pharma major lost steam. The recent stock action, however, suggests that the stock has bottomed out. It rose from Rs 916 as of May 19 to Rs 1,441 recorded on May 21. In May it made a double bottom pattern on the daily charts.