The stock is in uptrend there can be a possible breakout of this cup and handle and target of 2850 can be achieved as a positional trade which can take some weeks or months.
Good sl can be below 200 ema in daily time frame which is at 1541.
Aurobindo Pharma looks to breakout the trend. Currently there is a resistance at 1010 range and a strong support on volume profile near 940 range. The stock has tested its low and is currently in the phase of its second leg.
If the stock breaks out above 1010 range, buy it with a target of 1050-1100. Keep a stop of 980
All level mentioned on chart.
Watch my other charts to understand simple price action used for all of the analysis. Keep your charts simple and free from lagging indicators. If you check all previous charts, you will understand how beautiful price action trading is and how one can become independent trader by following some simple rules.
Reach out if you wish to...
1. It took some time to post the analysis so, entry price is bit higher .
2. Trendline brake with volume and retracement is also done
3. we have bought at rejection in support zone
4. one can reduce the stoploss also
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In the current setup, from short term trade perspective, any dips towards 11522 - 11465 zone needs to be watched carefully.
Holding the same will indicate unwillingness of our Market to accept a fall / correction. And probability of Market scaling new highs in coming days will improve.
Inability to hold...