AbhishekHSinghCMT
Education

Auropharma – 831 to 750 - A crack!

NSE:AUROPHARMA   AUROBINDO PHARMA
Auropharma – 831 to 750 What a crack!

Risky Traders – get ready to lose 4-5 points and gain 50+ points – closing statement in the video idea – “Once bitten twice shy” as of 4th Dec 2018.

If the stock moves in line as you expected giving us an exact entry as well to be precise 825-827 zone when it closed overnight at 821 levels has to be dream come true scenario for an analyst.

Flashback
Overnight (As of 4 - 6th Dec 2018) , Auro was moving within rising wedge –a common term used by traditional analyst until I came to know about wave analysis where the same structure was termed as “ending diagonal” – a overlapping structure which indicated that the upward structure could be ending soon.

Rising Wedge
When a financial instrument (which could be stocks, forex, commodities , bonds etc,) price has been rising over time, trendlines drawn above and below the price chart pattern can converge to show a potential reversal point at a peak. This reversal point can indicate a bearish price point signal in which the security’s price is subsequently expected to reverse lower.
In our case the peak was 831 High and we got excellent selling opportunity close to the peak at 825-826 zone – High was 826.70/826.80- rest is the history
Target achieved – 794 as suggested over the video with small pause and breaks at 815 -810 zone.

This pattern is used by traditional analyst and wave analyst
Books – Technical Analysis -Edwards and Magee ,Wave Analysis - Frost and Prechter


Polarity Reversal = History Repeats

What happens is that history essentially repeats itself, but the role of price at that level changes from resistance to support and vice versa.
Polarity Reversal concept explained in my favorite book which was the first one I referred for the journey of technical analysis written by – Edwards and Magee.

Important Polarity Reversal zones in last week
790-792
777-775



Candlestick Analysis
Evening Star – 3 candlestick pattern as suggested in the book – Candlestick Analysis by Steve Nison
Steve Nison – Father of Candlestick Analysis.
Book – Candlestick Analysis by Steve Nison


Harmonic Analysis
Bearish Crab - Excellent Harmonic Structure occurring at 831 was an amazing clue
Book - Harmonic Analysis by Scott Carney

Trendline / Channels
BookTechnical Analysis by Edwards and Magee is the reference book.

Financial Astrology
Term used by financial astrologer- “Retrograde” was also updated in previous video idea of the Nifty Index – “Mercury, Markets and Mayhem below 10800” – Mercury retrograde runs till 6th Dec 2018 – if you haven’t gone crazy – don’t worry market will make you crazy.
Note-
As updated/suggested on 29th / 30th Nov 2018 in last Nifty Video Idea comment section –we expected to be cautious from 10950-11000 zone which was danger zone

What type of analyst are you? You just had to pick and execute –rest you were bound to enjoy the markets.

Finally, It was kaka’s blessing directly from Bollywood (Kaka – Late Rajesh Khanna) – stands out to be real tribute to this Bollywood actor in the creative way (audio clip) as updated in last video idea.

Thanks.
Trade active: 09:25 Hrs 10th Dec 2018

Last Price@750

735 has formed minor support

Next selling can be seen if auro stops again between 765-767 zone and above that zone look for selling close from 775-777 zone for lower targets

Going above 775-777
It should be positive for 10-12 points taking it back to 790 -792 zone
Trade active: 09:29 Hrs 10th Dec 2018

Last Price@750.75

Do not forget to be in cautious mode if Auro trades below 750 level as it could start falling hard and sharp downside

Holding below 750 -745 zone - we can get target zone of 700-710 which is still open below 735 -current day minor low.

Thanks
Trade active: 19:17 Hrs 11th Dec 2018

Last price@735

We got the fall to 720 lows which was close to 710 expected level- 719-720 is another important zone where Auro has bounced

So we are looking for the bounce which we spoke in video after the fall from 750 highs.
This bounce if holds above 730 level can push upside to 765-775 zone
No buying trades if it fails to hold or support above 730 mark.

Trade active: 10:13 Hrs 12th Dec 2018

Last price@745

We got the push as expected from 735-737 zone - moving nicely upside as suggested overnight.
Trade active: 12:30 Hrs 12th Dec 2018

Last Price@730

Why we got the selling just below 750 levels from day high at 748 because 750 was the level where we have been selling & 750 was key resistance for us.
Trade active: 14:35 Hrs 12th Dec 2018

Last Price@738

Back in Action from 730's low
Trade active: 14:43 Hrs 12th Dec 2018

Last Price@737

We will take buy position next only above 740 or we look for sideways to negative move next which can take Auro back to 724-725 zone if holds below 740 mark.
Trade active: 09:23 Hrs 13th Dec 2018

Auropharma Update

Last Price@745

We are in buy trade as suggested last above 740 mark

SBIN Update

Last Price@293.85

As updated in profile page when you keep cursor at my name - SBIN positive above 290 for 308 -315 Zone Next -- Wait for Magical Video next in the day.
Trade active: 09:38 Hrs 13th Dec 2018

Auropharma Update
Last Price@746.50

Book Profits in 752 -755 zone - Next buying only above 755 or Resistance in 752 -755 -going below 750 & holding below 750 shall be weak

SBIN Update
As suggested in profile page update - it is positive if holds above 290 for target 308-315 zone.
Trade active: 10:5 Hrs 13th Dec 2018

Last Price@749.50 - Hope you booked profits & joined bear camp -close to day high as suggested an hour back.

Target Zone 752 -755 kissed & surpassed to make day high@758.50


Trade active: 11:21 Hrs 13th Dec 2018

Last Price@748.50

Book Profits in 730 -733 zone - later if holds in 730-733 zone (not going below 730) or hovering close to 730 (+ /- 1-2 points )

Buying in 730- 733 if dances close to 730 & likely holds above 730 for 750 - 765 target later upside

Or

Sell again if 725 gets broken downside & holds below 725 mark

Trade active: 12:01 Hrs 13th Dec 2018

Last Price@747.50

Booking Part Profits in sell call from day high below 755 at 747 - We will sell again once it starts going below 740 level later or we sell again in 752 -755 zone later.
Trade active: 12:11 Hrs 13th Dec 2018

Last Price@749

No selling unless it goes below 740 mark - that is the only strategy we follow - we can think of selling in 752 -755 if holds below 755 else going above 755 and holding above 755 -it can push upside to 765 -767 target zone.
Trade active: 12:39 Hrs 13th Dec 2018

Last Price@753

We booked partial profits in selling at 747 in sell taken below 755 -before that we bought above 740 levels & suggested to book in 752-755 zone.

We are watching closely the zone 752-755 if holds below 755 then selling again or if crosses 755 then upside move extends to 765 -767 zone
Trade active: 14:28 Hrs 13th Dec 2018

SBIN Update - Last Price@286.80

No buying trade as not holding above 290

Auropharma Update - Last Price@746.40

Selling 2nd time exactly below 755 from 752-754 zone as suggested since morning- 1st time we booked profits at 747.

Trade active: 06:36 Hrs 14th Dec 2018

Last Price@750

Good Morning !!!

Trading Strategies for the day -

Plan 1 - If Auro drops in 743-745 zone and holds above 740 then trader can buy in 743-745 zone for upside target - 755 and above 755 -765 target

Plan 2 - Selling in 765 -767 zone if Auro moves as per plan 1 & reaches target zone upside - be ready to sell -if you see Auro not able to move any further upside for downside target - 740-742 zone and below 740 for 720-723 target zone - can extend further down to 715 -720 zone - shall review later.

Thanks
Trade active: 07:20 Hrs 14th Dec 2018

Last Price@750

Plan 3 - Going below 740 - we are looking for 730-733 target zone - if drops even further below 730 & holds below 730 then look for 720-723 zone
Trade active: 11:59 Hrs 13th Dec 2018

Last Price@726.45

Let us go into flashback - 14:43 Hrs -12th Dec 2018

Target zone 730-733 reached below 755 - Below 730 - Next target zone reached 724-725

Current low -724

We shall see whether it holds the zone of 724 -725 - if that is the case we can see the bounce upside again towards 740 - above 740 -752 and above 755 -Target zone 765 -767 zone.

Trade active: 12:26 Hrs 14th Dec 2018

Last Price@823.60

820- 821 is the most important zone for the day -failure to hold that zone could be big problem for Auro next

If holds then some relief for bulls intraday session means - you can expect some bounce still as suggested above
Trade active: 12:30 Hrs 14th Dec 2018

Last Price@723.70

Sorry for wrong price update above "823.60" instead of 723.60

It is not rocket science - I am just playing with support and resistance which can hold or give away.

Trade active: 13:04 Hrs 14th Dec 2018

Last Price@724.80

Reminder

If the zone 720-721 holds then guys be ready to take it all -740 -742 target zone and above 742 for 752-755 and above 755 - 765-767 target zone.
Comment: 13:54 Hrs 14th Dec 2018

Last Price@719

Poked below 720 levels

Thanks. It was fun chasing the stock up and down.
Comment: Closed. Thanks
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
sold at 753 twice...and squared off at 130. now bought at 725.10
Reply
@Gururajr, Nice
Reply
@Gururajr, Hope you are watching below 724-725 -it went to touch 720 & now bounce looks like happening
Reply
gone long at 725.10
Reply
@Gururajr, Never hurry in trading as you need to give some time for reversal as after falling it needs time to digest that fall then only you should pick -once you see that reversal has started happening -in that process you may lose 1-2 points that is always better than losing in expectation of market reversal. Also, do not hold your position if it sustains below 724 lows- long calls are valid only above 724 -725 zone
Reply
at 735 zone now..
Reply
@Gururajr, Hi, I have suggested this yesterday if holds above 730 then buy -


"11:21 Hrs 13th Dec 2018

Last Price@748.50

Book Profits in 730 -733 zone - later if holds in 730-733 zone (not going below 730) or hovering close to 730 (+ /- 1-2 points )

Buying in 730- 733 if dances close to 730 & likely holds above 730 for 750 - 765 target later upside"
Reply
@Gururajr, Also, if you remember - we sold twice at 752-755 zone & have been telling that we need to sell from 752 -755 for 730-733 target zone -if 730 holds then buy else below 730 - it can slip more on downside 724 -725 zone ----- currently it is holding at 724 -725 zone.
Reply
Thanks for such a in depth analysis. Why I am not able create alert for your post ?? What should be the tommorow strategy for Auro.
Reply
@tanajeek, Welcome. Did you check all the boxes in settings icon and additional notifications boxes available in "ideas stream" tab - right hand side of charts in the vertical tools panel.
Reply
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