January 19, 2016
Aurobindo Pharma (NSE Cash)
BUY
` 770
` 806 - 802
` 872
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: - 09:30 IST)
Justification:
The stock is moving in strong uptrend by maintaining ‘Higher Highs Higher Lows’ formation in the weekly
chart. The ongoing rally is sustainable as the up move in not strident in daily chart and stock generally gives
decent corrections before an impulsive move. Recently, the stock has corrected by around `100 from its
previous pivot high. Currently, the stock is trading around the ‘Rising Trend line’ support, which also coincides
with ’89 EMA’ in the daily chart. We are also observing a formation of ‘Bullish Bat’ pattern in the daily chart,
which indicates that a new impulsive move may start in upcoming sessions. From last many months, the ‘RSI’
oscillator is also moving in a broader range of 40 - 75 in the daily chart and currently, the RSI is hovering
around its lower end of the range, indicating the possibility of the resumption in the uptrend. Considering the
current chart structure, we are expecting healthy up move in the stock. Thus, we advise traders to buy this stock
at current levels and on declines to ` 802 for a target of ` 872 in coming 14 to 21 trading sessions. The stop
loss for this trade set up can be kept at ` 770.
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January 19, 2016
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Target Achieved
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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