March 28, 2016
Aurobindo Pharma (NSE Cash)
Sell
` 777
` 745 - 750
` 687
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 13:05 IST)
Justification:
The stock has seen a sharp rally from `582 to `761.95 in last five weeks without any major correction. At
current juncture, the stock is trading around its previous breakdown levels, which also coincides with 61.80%
retracement levels of the entire fall from `890.51 to `582. At the same time, we are also observing a strong
resistance of ‘PSAR’ in weekly chart. Additionally, the ‘Stochastic’ oscillator is also showing negative divergence
on daily chart, indicating reversal on cards. Considering current chart structure, we believe that the recent up
move was mere a pull-back of sharp sell-off of February month and thus we are again expecting healthy
correction in the counter. Hence, traders are advised to sell the stock at current levels and on rise to `750 for a
target of `687. The stop loss for the trade set-up can be kept at `777.
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March 28, 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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