Aurobindo Pharma today gave a break out on weekly charts by moving above 822.
Technical targets of that pattern comes out around 1060. Meanwhile previous top of 891 will act as short term resistance.
The stock also retraced more then 78.6% of previous fall indicates a new wave up is in the progress. 138.2% extension of that comes around 1009.
The stop loss of that trade should be taken as 810 below today's low and 5 day SMA.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on that call. Further i have the stock in my portfolio.
Technical targets of that pattern comes out around 1060. Meanwhile previous top of 891 will act as short term resistance.
The stock also retraced more then 78.6% of previous fall indicates a new wave up is in the progress. 138.2% extension of that comes around 1009.
The stop loss of that trade should be taken as 810 below today's low and 5 day SMA.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on that call. Further i have the stock in my portfolio.
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