Pharma sector has got hammered down with every possible bad news in the last couple of years. As mentioned is the last post on pharma sector, with Nifty & BankNifty at all time highs, market is hungry for ideas. There are signs of smart money moving in beaten down sectors like IT & Pharma.
Auropharma has a strong bottom at 600-630, it has bounced many times from this zone. Risk reward is favorable. Selling is getting exhausted at lower levels as evident from RSI divergence. Just made hammer on weekly charts. Targets have been identified with Fib levels, previous critical zones and Moving averages in mind. Go long with stop loss at 595.
Auropharma has a strong bottom at 600-630, it has bounced many times from this zone. Risk reward is favorable. Selling is getting exhausted at lower levels as evident from RSI divergence. Just made hammer on weekly charts. Targets have been identified with Fib levels, previous critical zones and Moving averages in mind. Go long with stop loss at 595.
Comment:
Almost hit the first target. Day high 698.
