Aurobindo Pharma - Long
Buy : ₹ 697 - ₹ 730
Target: ₹ 768.05, ₹ 853.15, ₹ 903.6,
Support: ₹ 673.5
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i have shown two possibilities for up move. First one is if candle directly closes above blue trendline at B stock may directly hit upside target range 939-949.
Second possibility is if it falls it must follow movement as shown with blue arrows.
- In the last month and a half, the stock has taken a lot of beating and has been down and out...
- since 18 Aug the stock has climbed slowly and steadily
- the stock has seen resistance exactly near 20 day EMA
Momentum might be seen once closes above 760.
The zone of 738-712 if held on to may provide a back bone for further recovery...
Huge upside potential in this stock. It has consolidated well and taken support at 752/753.
Can go long at current level with stop loss around 745. Target on the upside could be 770 and if 770 is taken out 790
AUROPHARMA has earlier proved to have a great support at this level. This was broken and it went doen till 650. In the last week this stock has gained 100 a piece. It crossed the earlier support with good momentum. This might be a good time to go long and buy. To be safe it would be ggod to stop loss if it goes below the line. A stop loss below 725 would be good....
Aurobindo Pharma has formed a hammer on 23rd August on a major 5 year long support level. The stock is trading up from previous level, indicating bullish momentum with good volume. I see a bull run on cards from this level.
Pharma sector is already much oversold but it doesn't mean that it can reverse from here tomorrow only, so whoever knows reversal trading those only please try to trade on this chart.
As one can see at the D point of harmonic pattern there is a dashed line that is called harmonic PRZ even below that there is one line with a caption like closing...
Auropharma trading at 38.2% filo retracement level which is at 767Rs in the Weekly chart.
It also has broken up trend channel in weekly chart.
Reversal may happen at this level. If reversal does not happen then add more at level of 675 which is fibo level of 50%.