|Sell Range||970 – 950|
|Target||900 – 890|
|Duration||20 – 25 Trading Sessions|
|Potential Return^||6 – 7%|
|CMP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|960.3||SELL||970 – 950||900 – 890||1020||20 – 25 Trading Sessions||6 – 7%|
# CMP on June 14, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 930.
^ The returns are calculated based on CMP#
Ajanta pharma, established in 1979, operating in Pharma & Healthcare sector, having 6 manufacturing units in India. This drug manufacturing company engaged in developing formulas, producing and marketing tablets, ointment, capsules and lotions. Most of its revenues generated from developing countries like Africa and India.
|Sectoral Index||Nifty Pharma|
TECHNICAL OBSERVATIONS (WEEKLY)
- The share price of Ajanta Pharma has been a declining trend since its lifetime high of ₹ 2125 registered during October 2016.
- There is a steady resistance line which is moving downwards along with price fall.
- Presently, the stock price has placed near the Upper bound of a downward sloping channel and based on historical price pattern we are expecting the price to fall off from here.
TECHNICAL OBSERVATIONS (DAILY)
- In the daily chart, we are witnessing bearish MACD crossover.
- The momentum oscillators are also suggesting a big downside in the stock. From the last few weeks, serious delivery selling was seen in the stock with negative price action which indicates a big downside soon.