June 06, 2016
Aurobindo Pharma (NSE Cash)
SELL
` 806
` 776 - 780
` 720
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 13:30 IST)
Justification:
The stock has seen decent correction after resisting around the 78.60% retracement levels of the previous fall
from `890.51 to `582.00, which coincides with ‘Super Trend’ indicator on weekly chart. Currently, the stock is
trading around the 78.60% retracement levels of the previous fall from `822.35 to `712.50, which coincides
with ‘Super Trend’ indicator on daily chart. Thus, the weekly and daily chart makes a symmetrical pattern.
From last few trading sessions, the stock is forming ‘Doji’ candles on daily chart, indicating indecision among
participants. The ‘Stochastic’ oscillator is also giving negative crossover with its average from overbought
territory on daily chart. Looking at above technical evidences, we are expecting a healthy correction in the
counter. Hence, traders are advised to sell the stock at current levels and on rise to `780 for a target of `720.
The stop loss for the trade set-up can be kept at `806.
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June 06, 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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