NeeteshJain
Long

Ajanta Pharma - At Turnaround Levels with Sound Fundamentals

BSE:AJANTPHARM   AJANTA PHARMA LTD
It has been observed that the price action was deeply pushed down without much change in the fundamentals of the company. It may just be called as healthy correction and now the correction reached to a strong support zone which has been previously tested, therefore there is high possibility that the buyers will come at current levels and will further control over the price action.

It is a debt free company with consistent operating profit margin of more than 30%.

T1- 1300
T2- 1400
SL- 1110
Trade active
Trade active
hi

i was looking at weekly chart of ajanta pharma, i have a query related to target level 1300, i believe 1266 price level is more suitable target level than 1300, because 1266 price level is more connected to closing price of candle in comparison to 1300, pleas see red arrows in image -

https://drive.google.com/file/d/0B8UZzagRUCtQN3R6anBWdkVUeEU/view?usp=sharing

should we consider 1266 as target1 and 1300 as target 2.
Reply
@hupsey, Yes, you're analysis is correct as per the support resistance but I analyzed the targets as per the fibonacci retracements. Here is the look of it
snapshot
Thanks
Reply
hupsey NeeteshJain
@NeeteshJain, thank you for valuable input, one more query - should i give preference to fibonacci retracements over support n resistance for analyzing target?
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