April 08, 2016
Ajanta Pharma (NSE Cash)
BUY
` 1380
` 1445 - 1430
` 1565
14 - 21 sessions
Daily Chart
Breakout from a
congestion zone
Source: Falcon (Chart Time: 9.20 IST)
Justification:
After witnessing a healthy up move from `1094.83 to `1451.75, the stock slipped into a consolidation mode
for nearly four weeks. Within this consolidation, the stock prices managed to rebound repeatedly from the
previous breakout levels, which coincide with 38.20% retracement levels of the mentioned up move. The ’89
EMA’ as well as the ‘Super Trend’ indicator on daily chart are also converging around this support zone.
Finally, the stock managed to give much awaited breakout from the near term congestion zone at 1430.
Considering above technical evidences, we are expecting a resumption of the larger degree upward trend.
Hence, traders are advised to buy the stock at current levels and on declines to `1430 for a target of `1565.
The stop loss for the trade set-up can be kept at `1380.
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April 08, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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