Ajanta Pharma building long position
Tranche 1 - 30 shares at 1765 on 5 April 2022
1. Market is in what stage - Identified by what kind of highs and lows that are being formed + movement of price w.r.t 21, 50 and 200 EMA
Price topped out July, then in range till Jan 2022 (2340 to 2000) broke down and bounced at 1700, came back to 1768
2. Is there any trend reversal in play?
1. Multiple divergence confirmations on MACD , RSI and MFI - Possibility on daily
2. At important support or resistance - horizontal - Yes - Yes long term resistance truned solid support at 1700
3. At important confluence of EMAs + price + support - Yes - around Weekly 200
3. How are the candlesticks behaving and what is the volume doing
Good buying when it had previously come at this level so expecting consolidation and bounce from here... plan to add more
4. Is there any trend continuation in play?
Looks like a bounce from a major support
5. Is there any pullback or breakout in play with volume confirmation from a strong horizontal level (support or resistance)
No pullbacks or breakouts as of now
6. Fundamental factors in play
1. Revenue growth - EPS vs PE ratio - last 5 years comparison - EPS rising Quarterly and Yearly... because of better sales... OPMs is consistent... also PE ratio to EPS is very very attractive since 2019
2. Are institutional investors/promotors increasing their stake - Stake consistent mostly slight increase in DII and slight decrease in retail
1. Market is in what stage - Identified by what kind of highs and lows that are being formed + movement of price w.r.t 21, 50 and 200 EMA
Price topped out July, then in range till Jan 2022 (2340 to 2000) broke down and bounced at 1700, came back to 1768
2. Is there any trend reversal in play?
1. Multiple divergence confirmations on MACD , RSI and MFI - Possibility on daily
2. At important support or resistance - horizontal - Yes - Yes long term resistance truned solid support at 1700
3. At important confluence of EMAs + price + support - Yes - around Weekly 200
3. How are the candlesticks behaving and what is the volume doing
Good buying when it had previously come at this level so expecting consolidation and bounce from here... plan to add more
4. Is there any trend continuation in play?
Looks like a bounce from a major support
5. Is there any pullback or breakout in play with volume confirmation from a strong horizontal level (support or resistance)
No pullbacks or breakouts as of now
6. Fundamental factors in play
1. Revenue growth - EPS vs PE ratio - last 5 years comparison - EPS rising Quarterly and Yearly... because of better sales... OPMs is consistent... also PE ratio to EPS is very very attractive since 2019
2. Are institutional investors/promotors increasing their stake - Stake consistent mostly slight increase in DII and slight decrease in retail
Trade closed manually:
Trade exited at 1287 with a 10.65% profit on 19 July, 2022
Added 30 More on 27 April at 1723
Bonus shares 1:2 issued by board Yay 💪