As expected Aurobindo took nice support at 580 and rebound sharply upto the falling of the downward sloping channel.
As expected stock seems facing resistance near 620-630 levels. The however is declining.
Stock had a huge at 'a' but long wick at the top says supply is there at 607.
As this is crossed at 'b' we dun see a spike in , suggesting declining demand.
A new high at 'c' but further declining , even less demand.
New high at 'd', price juuuust crossed falling with rise in but bar says indecision. So may be some profit booking started.
Notice that the price declined thereafter that but is not picking up, it suggests that bulls are still holding and bears are not still active.
Currently it is trying to build a support near 598 level. Although these are signs of consolidate near resistance yet I would say that, as mentioned in my earlier post, 580 is a key level to watch out for. Holding or breaking this support may decide the near term future of this stock.
This is just an analysis and not an investment advice. I always respect if you have your own different opinion on the stock.
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It could be frenzied move by retail investors.